Stocks extend rally after Senate approves stimulus bill, jobless claims surgeDow +1351.62 at 22552.23, Nasdaq +413.24 at 7796.89, S&P +154.51 at 2630.07 [BRIEFING.COM] The S&P 500 extended its weekly rally by 6.2% on Thursday after the Senate approved the $2 trillion fiscal stimulus package for the economy, which saw a record surge in weekly jobless claims. The Dow Jones Industrial Average rose 6.4%, the Nasdaq Composite rose 5.6%, and the Russell 2000 rose 6.2%. Initial claims for the week ending March 21 increased by 3.001 million to 3.283 million (Briefing.com consensus 525,000), which was above most expectations but also unsurprising given the slew of economic shutdowns aimed at slowing the rate of coronavirus infections. For the market, and Congress, it quantified how bad the situation has been for American workers. House Speaker Pelosi (D-CA) said the stimulus bill will be passed tomorrow by voice vote with "strong bipartisan support" despite some speculation that objecting members would request a roll call vote, which would further delay its passage. The impending fiscal relief, then, provided investors some reassurance while doing some quarter-end rebalancing. The S&P 500 closed at session highs and up 19.7% from its Monday intraday low. All 11 S&P 500 sectors posted strong gains today between 3.5% (materials) and 7.8% (utilities). Oil prices ($22.60, -1.93, -7.9%) were unable to catch a bid, though, partly due the oil industry not being included in this stimulus bill. Prior to the open, Fed Chair Powell reiterated in an NBC "Today Show" interview that the Fed isn't going run out of ammunition and will continue to provide credit to places that need it. The reminder that the Fed will be on the market's side in the foreseeable future was another positive consideration for the market. In corporate news, semiconductor stocks drew support from Micron's ($MU 44.79, +2.29, +5.4%) encouraging quarterly results and guidance. Henry Schein ($HSIC 53.56, +3.53, +7.1%) was among the latest companies contributing to the fight against COVID-19 with an antibody rapid blood test for health care professionals. U.S. Treasuries finished the session on a higher note, as the record number of unemployment claims reminded bond investors of the negative macro environment. The 2-yr yield declined four basis points to 0.26%, and the 10-yr yield declined five basis points to 0.81%. The U.S. Dollar Index fell back below 100.00, finishing 1.6% lower at 99.43. Reviewing Thursday's economic data: Initial claims for the week ending March 21 increased by 3,001,000 to 3,283,000. That is the highest seasonally adjusted number for initial claims by many miles. The prior record was 695,000 in October 1982. Continuing claims for the week ending March 14 increased by 101,000 to 1,803,000, but that number will skyrocket next week as well.The key takeaway from the report is that it underscores for everyone how much worse the current economic situation is than anything else experienced in this modern age. It is a stark reflection that this time is different.The third estimate for Q4 GDP showed a 2.1% annualized rate of growth that was in-line with the second estimate and the Briefing.com consensus estimate. Similarly, the GDP Price Deflator was left unchanged at 1.3%, as expected.The key takeaway from the report is that it is inconsequential at this juncture. That would be the effective takeaway in normal times (we're less than a week away from the end of Q1), but things are no longer normal as the first quarter is ending with the U.S. economy in shutdown mode to help stop the spread of COVID-19.The advance goods trade deficit totaled $59.89 bln in February after a $65.9 bln deficit in January. Advance retail inventories decreased 0.3% in February after decreasing 0.1% in January. Advance wholesale inventories decreased 0.5% in February after decreasing 0.5% in January. Looking ahead, investors will receive Personal Income and Spending for February, PCE Prices for February, and the final University of Michigan Index of Consumer Sentiment for March on Friday. Nasdaq Composite: -13.1%S&P 500: -18.6%Dow Jones Industrial Average: -21.0%Russell 2000: -29.3% Market Snapshot Dow22552.23+1351.62(6.38%)Nasdaq7796.89+413.24(5.60%)SP 5002630.07+154.51(6.24%)10-yr Note +3/320.833NYSEAdv 2578 Dec 382 Vol 1.6 blnNasdaqAdv 2715 Dec 561 Vol 3.9 bln Industry Watch Strong: Industrials, Energy, FinancialsWeak: Materials Moving the Market -- Stocks extend weekly gains in broad-based rally-- Weekly jobless claims surge to a record 3.283 million-- Senate approves $2 trillion stimulus bill, as expected; House will vote on bill tomorrowECONOMIC EVENTS: In U.S. data, initial jobless claims surged by about 3M to 3.28M in the week ended March 21. While this is four times the prior record level seen in 1982, Wall Street knew the jobless claims would be historically bad and Treasury Secretary Steve Mnuchin said during an appearance on CNBC that the figures are "not relevant" for now. Fourth quarter GDP growth was left unrevised at 2.1% in the third release, matching the Advance and second look reports. The advance indicators report revealed a February goods trade deficit drop to $59.9B that was $2.7B narrower than analysts expected. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 492,603 confirmed cases of COVID-19 and 22,184 deaths due to the disease. In New York, which has become the "epicenter" of the outbreak in the U.S., Governor Andrew Cuomo said 37,258 people have tested positive, which represents 6,447 new cases. TOP NEWS: Shares of HP Inc. ($HPQ) are rising after the company issued a letter to shareholders last night, in which it said that it should "not divert valuable time, attention and resources to a dialogue with Xerox ($XRX) about its proposed transaction" given current market circumstances. "Our primary responsibility in this difficult period is to focus on HP’s business and address the needs of our ecosystem of stakeholders around the world, including our shareholders, our millions of customers, our 250,000 partners, and our team of approximately 55,000 employees," HP said in its letter. Micron ($MU) shares are 6% higher near noon after the memory chip maker reported better than expected second quarter results and provided guidance for the third quarter. Of note, the company said on its conference call that two of its employees have tested positive for the novel coronavirus. Meanwhile, Ford ($F) was in focus after its credit rating was cut to junk status by S&P. The company also said this morning that it aims to restart production at key North American factories as soon as April 6. Shares of Henry Schein ($HSIC) are up 19% at midday announced earlier the availability of an antibody rapid blood test, known as Standard Q COVID-19 IgM/IgG Rapid Test, intended to be administered at the point of care. The test delivers results within 15 minutes from a pinprick with no instrumentation required, the company said Additionally, shares of certain mall and strip center REITS, including Retail Properties ($RPAI), were under pressure after Eater reported last night that The Cheesecake Factory ($CAKE) informed landlords that it will not make upcoming rent payments for any of its restaurants on April 1 due to income losses stemming from the COVID-19 pandemic. MAJOR MOVERS: Among the noteworthy gainers was Alaska Airlines ($ALK), which rose 9% after announcing plans to reduce its flight schedule for April and May by approximately 70%. Also higher were Signet ($SIG) and Canadian Solar ($CSIQ), which gained a respective 40% and 14% after reporting quarterly results. Among the notable losers was Beyond Meat ($BYND), which slid 5% after Goldman Sachs analyst Adam Samuelson downgraded shares to Sell from Neutral, saying he believes it represents one of the stocks that is most directly impacted by the coronavirus outbreak given over half of its sales into the food service channel. Also lower was AMN Healthcare ($AMN), which fell 12% after SunTrust analyst Tobey Summer downgraded the stock to Hold from Buy.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). 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