NEW YORK: The Dow hit a record high on Thursday while the S&P 500 and the Nasdaq hovered near all-time highs as investors bet on more fiscal stimulus to ride out a coronavirus-driven recession with data showing a stalling recovery in the labour market.
Mastercard Inc jumped about 4% after the credit-card giant said it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support.
Bank of New York Mellon said it had formed a new unit to help clients hold, transfer and issue digital assets, sending bitcoin up over 8% to an all-time high of $48,481.
The number of Americans filing new applications for unemployment benefits were 793,000 last week, compared to 812,000 in the prior week, but they are well below the record 6.867 million reported last March when the pandemic hit the United States.
Wall Street's main indexes had hit record highs recently on prospects of a $1.9 trillion coronavirus relief package to jumpstart the economy with a largely better-than-expected earnings season also helping the sentiment.
At 9:58 a.m. ET, the Dow Jones Industrial Average rose 12.67 points, or 0.04%, to 31,450.47, the S&P 500 gained 7.62 points, or 0.18%, to 3,917.50 and the Nasdaq Composite gained 50.48 points, or 0.36%, to 14,023.02.
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