Mrelieved US economic data help Wall Street regain prices. The leading indices Dow Jones, Nasdaq and S&P 500 both rose by around one percent at the opening of exchange trading.
Last week, 4.4 million Americans applied for unemployment benefits. In the previous week, however, the number of initial applications had been around a million higher.
The markets rated this as positive, even if a recession could not be avoided, said Steven Blitz, chief economist for the United States at the research house TS Lombard. Investors appear to be betting that the economy will recover quickly if the restrictions to curb the coronavirus pandemic are relaxed.
Las Vegas Sands made a similar statement. The major casino operator expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Las Vegas Sands shares then rose 13 percent, while competitors Wynn and MGM gained up to 12 percent.
Target’s shares, however, came under pressure, even though the retailer’s online sales almost quadrupled in the past quarter, compensating for the losses from closed stores. However, the company warned of shrinking profit margins due to wage increases for employees. Target shares lost 5.9 percent.