Stocks rally as record job losses slow while states begin reopening

By Jonathan Garber FOXBusiness

Construction is resuming in Michigan, outdoor activities are restarting in Maryland

U.S. equity markets rallied Thursday as record jobless claims showed signs of slowing and more states began reopening their economies.

The Dow Jones Industrial Average climbed 310 points, or 1.31 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 1.47 percent and 1.48 percent, respectively. The early gains have the Nasdaq Composite trading in positive territory for the year.

Initial jobless claims for the week ended May 2 totaled 3.17 million, according to the Labor Department, smaller than the previous week's total of 3.84 million. More than 33 million Americans have lost work over the past seven weeks, taking unemployment to levels not recorded since the Great Depression.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	24009.39	+344.75	+1.46%
SP500	S&P 500	2897.88	+49.46	+1.74%
I:COMP	NASDAQ COMPOSITE INDEX	9008.127531	+153.74	+1.74%

At least six U.S. states are taking steps Thursday to phase out lockdowns imposed to curb the spread of the COVID-19 pandemic, which has virtually halted economies worldwide. Construction and real-estate activities are resuming in Michigan, outdoor activities are resuming in Maryland and school boards have the option to reopen classrooms in Montana.

Looking at stocks, Costco Wholesale Corp.’s comparable sales fell 0.5 percent in April – the first drop since July 2009 – as stay-at-home orders dinged business.

JetBlue reported a $268 million loss in the first quarter as demand for air travel plunged. The airline reported top- and bottom-line results that fell short of Wall Street estimates.

Ticker	Security	Last	Change	Change %
COST	COSTCO WHOLESALE CORPORATION	308.23	-0.66	-0.21%
JBLU	JETBLUE AIRWAYS	8.41	+0.39	+4.86%

Wynn Resorts lost $420 million in the first quarter as operating revenue plunged 42 percent from a year ago amid casino closures related to COVID-19. The casino operator will continue to pay its 15,000 U.S. employees through May 31.

Elsewhere, Peloton Interactive Inc. shares surged after the exercise-bike maker reported sales soared 66 percent in the third quarter as gym-goers worked out at home. The company reported a loss of $55.6 million for the quarter.

Ticker	Security	Last	Change	Change %
WYNN	WYNN RESORTS LIMITED	80.06	+0.81	+1.03%
PTON	PELOTON INTERACTIVE	44.66	+6.63	+17.43%
MRNA	MODERNA INC.	53.84	+4.89	+9.99%

Moderna Inc. shares spiked after the drugmaker said it received approval from the Food and Drug Administration to advance its COVID-19 vaccine candidate to a phase 2 trial.

West Texas Intermediate crude spiked 9.8 percent to $26.34 a barrel after Chinese government data showed Beijing’s oil imports snapped back to the equivalent of 10.42 million barrels per day in April – just below the 10.64 million barrels from a year ago. Meanwhile, gold jumped 0.63 percent to $1,699 an ounce.

U.S. Treasurys ticked higher, pushing the yield on the 10-year note down by 1.7 basis points to 0.696 percent.

In Europe, France’s CAC added 1.17 percent, Germany’s DAX climbed 0.97 percent and Britain’s FTSE rose 1 percent after the Bank of England held interest rates near zero and said the U.K. economy could shrink by 14 percent in 2020.

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Asian markets were lower, with China’s Shanghai Composite down 0.23 percent and Hong Kong’s Hang Seng weaker by 0.65 percent. Japan’s Nikkei remained closed for holiday.

Source: FoxBusiness