Dow Jones Industrial Average rises 299 points
The Dow gained 299.66 points, or 1.18%, to close at 25,745.60. The S&P 500 climbed 1.10% to 3,083.76. The Nasdaq Composite advanced by 1.09% to 10,017.00 Another increase in coronavirus cases and news of easier banking regulation left the market struggling for direction throughout Thursday’s session.
Coronavirus cases continue to rise
Florida reported on Thursday 5,004 additional coronavirus cases. That’s slightly down from the state’s single-day record of 5,508, which was reported Wednesday. In Arizona, cases jumped by 5.1%, topping the state’s seven-day average of 2.3%. Meanwhile, Texas Gov. Greg Abbott said the state would pause its reopening plans given the recent spike in cases and hospitalizations. This recent uptick comes after the U.S. suffered its single-biggest daily coronavirus cases surge on record. Concerns over the the coronavirus pushed the Dow down more than 200 points earlier in the day. Stocks recovered to close higher in the final hour of trading.
Banks jump
Bank shares rose broadly after the Federal Deposit Insurance Commission said it would allow banks to more easily make large investments into funds such as venture capital funds. JPMorgan Chase rose 3.49% and Bank of America advanced 3.82%. Citigroup advanced 3.68%.
What happens next?
Personal income data and consumer sentiment numbers are set for release Friday.