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The New York Stock Exchange resumed colors on Thursday thanks to the rebound in oil prices. A rise in the price of black gold which offset the gloomy news on the employment front.
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Soaring oil prices have supported US markets despite the shock caused by the number of weekly jobless claims. These reached a record high of 6.65 million units in the past week. Over two weeks, nearly 10 million people registered as unemployed. Paradoxically, investors seem to be relying on the sharp deterioration in the labor market to hope for further monetary and fiscal support measures.
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Despite an opening in the red, the Dow Jones
(+ 2.24%) rose above 21,000 points. Identical trend for S&P 500
(+ 2.28%) and the Nasdaq
(+1,72%).
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The energy sector, which has lost more than 50% since the start of the year, has been in high demand. Oil stocks Exxon Mobil
(+ 7.91%) and Chevron
(+ 11.32%) signed the largest increases in the Dow Jones.
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A l’inverse, Boeing
(-5.75%) was among the bottom of the class. His voluntary departure plan to offset the financial impact of the current crisis did not meet the ratings. It must be said that the aircraft manufacturer has warned its shareholders that the consequences of this pandemic would be lasting on the entire aviation sector.
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