Stock markets closed up on Thursday, as tech stocks surged.
The Dow Jones Industrial Average was up 211 points, or 0.9 percent, and the S&P 500 was up 33 points, or 1.2 percent.
The tech-heavy NASDAQ Composite closed up 125 points, or 1.4 percent, erasing its 2020 losses.
Stocks such as Microsoft, Facebook, Amazon, Apple, Netflix and Google’s parent company Alphabet have pushed markets up from a March low-point, even as travel companies and retail chains have been pummeled.
The uptick in markets comes despite dismal news from the labor market. An additional 3.2 million Americans filed for unemployment benefits in the week ending May 2, according to the Labor Department, bringing the seven-week total of newly unemployed people to a seasonally adjusted 33.5 million.
On Friday, the April jobs report is expected to show the worst levels of unemployment since the Great Depression, with estimates ranging from 16 to 20 percent.