Stocks rise after record initial jobless claims

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Stocks open with strong gains after posting back-to-back gains for first time in more than a month; Dow +1.9%, S&P 500 +1.5%, Nasdaq +1.4%.

Initial jobless claims shattered all previous records, soaring to 3.28M last week, but the number was still better than some of the most dire estimates on Wall Street.

Fed Chairman Powell may have helped sentiment with comments that the central bank would not “run out of ammunition” to keep the economy stable.

The Senate passed the ~$2T stimulus package overnight, as was expected, and the House hopes to pass the bill on Friday.

European bourses remain lower, with U.K.’s FTSE, France’s CAC and Germany’s DAX all -1%; in Asia, Japan’s Nikkei -4.5% and China’s Shanghai Composite -0.6%.

In the U.S., industrials, financials and tech are the early sector standouts.

U.S. 10-year Treasury yield down 6 bps at 0.79%.

WTI crude oil -3.6% to $23.59/bbl.

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