The tech-heavy NASDAQ closed at a new record of 11,108 on Thursday as broader stock indexes gained for their fifth day, even as talks over a crucial COVID-19 relief package made scant progress.
The NASDAQ gained 110 points, or 1 percent, while the Dow Jones Industrial Average increased 185 points, or 0.7 percent and the S&P 500 rose 21 points, or 0.6 percent.
The gains represent a fifth consecutive day of stock increases, putting the S&P 500 within striking distance of its pre-COVID record in February.
The rises come as a few tech giants — Facebook, Amazon, Google and Apple — reported big quarterly revenues even as much of the economy struggles amid the coronavirus pandemic.
Thursday’s initial unemployment claims report was the 20th in a row to report over 1 million new claimants, and showed that over 31 million were currently receiving benefits.
Those millions of recipients saw $600 in additional weekly benefits expire last week, which will take billions of spending out of the economy.
Talks between Congressional Democrats and the White House on extending the benefits to some degree have dragged on with scant progress. The sides have set Friday evening as a potential deadline for striking a deal, though progress could see them push through the weekend.
The problems in the relief talks and the broader economy have done little to stifle enthusiasm for stocks and more specifically for tech stocks, which have driven market gains.
Intervention in the economy by the Federal Reserve has also lifted markets through the pandemic.
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