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Stocks recovered Thursday afternoon with key indices turning green as positive data on the economy overcame an unexpected spike in US unemployment claims.
The number of Americans filing for unemployment benefits for the first time rose to 419,000 last week, 51,000 more than a week earlier and ahead of economists’ forecasts.
According to Ian Shepherdson, chief economist at Pantheon Macroeconomics, investors should not panic about the jobs numbers as they “continue to suffer from seasonal adjustment problems” as a result of the “annual shutdown of the auto industry remodel”.
Southwest’s Quarter is good news for Boeing
Southwest Airlines (LUV) – Get Report had a strong quarter as bookings recovered and federal aid helped offset losses from the COVID-19 pandemic.
Jim Cramer of TheStreet sees Boeing company shares helping (BA) – Get Report as Southwest CEO Gary Kelly seems to be a fan of the Chicago-based company’s planes.
“Business is so good that he needs more planes and he is the largest buyer of Boeing planes,” Cramer said from the floor of the New York Stock Exchange on Thursday.
Despite strong gains from Southwest, both the airline and the aircraft maker fell in afternoon trade on Thursday.
Delta variant will be ‘just a snag’ for the economy
Interest rates are now a sentiment measure of the Delta variant and how concerned investors should be about the most prevalent variant of the COVID-19 virus.
Interest rates should be higher,” Cramer said on Thursday because “things are just going really well.” He predicted fears about the Delta variant would create a “problem” in the economy’s growth, “but just a snag.” the grass”.
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