Stocks fell Thursday after the Labor Department’s latest print on new weekly jobless claims showed a greater than expected 3.8 million individuals filed for initial unemployment insurance last week.
However, rallies earlier in the month pushed the S&P 500 to post its best monthly gain since 1987. The blue-chip index was up 12.68% for April. The Dow rose 11% for April, and the Nasdaq jumped 15.45%.
Market participants took most of the recent major corporate earnings results in stride, even as the impacts of the coronavirus permeated commentary in the reports. Facebook and Microsoft each reported quarterly sales growth over last year, as the company’s products and services showed strong demand at the start of the pandemic’s domestic escalation. Shares of each of these companies rose during Thursday’s session.
A day earlier, positive results from a clinical trial of Gilead’s coronavirus antiviral treatment candidate helped fuel a sharp rally in stocks on Wednesday, with each of…