The S&P 500 and Nasdaq rose on Thursday, with Apple inching toward $2 trillion in market capitalization, as data showed jobless claims fell below one million last week for the first time since the start of the pandemic in United States.
FILE PHOTO: A man walks a dog in the shade away from the midday sun past the New York Stock Exchange building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020. REUTERS/Mike Segar
Apple Inc rose 2.2% as a report said the iPhone maker was readying a series of subscription bundles for its digital services. At its current share price of about $457, the company is about $10 a share shy of hitting $2 trillion in market capitalization. Data last week showed the economy has regained only 9.3 million jobs of the 22 million jobs lost between February and April, indicating that it faces a long road to reach pre-pandemic levels.
“Our take on a new high, if it happens, is that it’s another reminder to investors how disconnected the stock market and the economy have been this year. The stocks have soared but economy – it’s improved, yes – but a million initial claims is still not good,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
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