- The S&P 500 closed at record highs on Thursday for the sixth day in a row.
- The surge higher in stocks comes amid the busiest IPO week since 2004.
- Weekly jobless claims fell to another pandemic-era low of 364,000.
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US stocks edged higher on Thursday, with the S&P 500 closing at record highs for the sixth day in a row.
Weekly jobless claims fell to another pandemic-era low of 364,000, beating economist estimates of 388,000.
The move higher in stocks comes amid the busiest week in IPO debuts since 2004. Krispy Kreme is one of 18 companies to hit the markets this week, with its stock popping 10% in Tuesday trades. On Wednesday, Didi jumped as much as 28% in its first day of trading, while shares of LegalZoom popped as much as 39% in their debut.
There have been 215 IPOs priced this year, a +225.8% change from the same date last year, per Renaissance Capital.
Here’s where US indexes stood at the 4:00 p.m. ET close on Thursday:
- S&P 500: 4,319.81, up 0.52%
- Dow Jones industrial average: 34,633.27, up 0.38% (130.76 points)
- Nasdaq composite: 14,522.38, up 0.13%
Robinhood filed its S-1 on Thursday, a necessary step to take when preparing to go public. The free-trading app has even reserved some of its IPO allocation for its customers, according to a report from The Wall Street Journal.
Oil spiked past $75 per barrel for the first time since 2018 as OPEC and its allies move toward raising global crude supply.
Hertz, the original “meme stock,” emerged from Chapter 11 bankruptcy on Wednesday. The company’s stock has soared more than 2,000% leading up to the key event.
Nio had a volatile day of trades, initially popping 3% before falling more than 4%, after it reported record monthly sales for the month of June.
Gold jumped 0.25%, to $1,776.29 per ounce.