US stocks surging at lunch as US jobless claims data boosts investor sentiment

12.20pm: US stocks surge US stocks were forging higher and in record territory at lunch as investors welcomed a weekly jobs report, showing the lowest number of Americans seeking unemployment benefits since last November. The Dow Jones Industrial Average added over 361 points at 32,658 while the  S&P 500 gained 58 to 3,957.  The tech heavy Nasdaq soared over 347 points higher at 13,416. "US jobless claims highlight the growing confidence we are seeing for the US economic recovery, with both continuing and initial jobless claims falling back into lows not seen since the height of this crisis," said Joshua Mahony, market analyst at IG Index. "With the US government having finally managed to push their $1.9 trillion stimulus package across the line, it does feel like the country has turned a corner as they gear up to cut another batch of direct payments." Benefit claims fell by 42,000 to 712,000 in the week ended March 6, the US Labor Department revealed on Thursday, the lowest level since the week ended November 7 last year. 10.30am: Proactive North America headlines: Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF) successfully completes second milestone in contract with US Department of Homeland Security BMEX Gold Inc (CVE:BMEX) posts promising drill results from inaugural drilling at King Tut project in Quebec Ready Set Gold Corp (CSE:RDY) (FRA:0MZ) identifies significant structural trend at Hemlo Eastern Flanks North Adastra Labs Holdings Ltd (CVE:XTRX) appoints J. Scott Munro as its president, chief executive officer and chairman with effect from March 1, 2021 Vox Royalty Corp (CVE:VOX) (OTCMKTS:VOXCF) expects newsflow from royalty operating partners to increase as it updates on recent activity TechX Technologies Inc (CSE: ECX) (OTCMKTS:TECXF) (FRA:C0B1) names new CFO, says portfolio company, Catalyx Exchange has launched platform offering fastest Bitcoin purchase and withdrawal in Canada CytoDyn Inc (OTCQB:CYDY) says 20 patients enrolled and dosed so far in Vyrologix trial in coronavirus long-haulers Phunware Inc (NASDAQ:PHUN) partners with Vizzia Technologies to offer its digital front door solution on mobile to leading healthcare organizations Algernon Pharmaceuticals Inc (CSE:AGN) (FR:AGW) (OTCQB:AGNPF) updates on timing of topline results for Ifenprodil trial Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) reveals high-grade gold intercepts at its Parbec open pit deposit in Quebec's Cadillac Break Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBAF) (FRA:0G6A) reports more high-grade drill results from LP Fault at Dixie Recruiter.com Group Inc (OTCQB:RCRT) partners with National Retail Solutions to promote video interview capabilities Electric Royalties Ltd (CVE:ELEC) (OTCMKTS:ELECF) acquires its first cash-flowing royalty from Globex Mining CO2 GRO Inc (CVE:GROW) (OTCQB:BLONF) (FRA:4021) says its participation in Canadian Government Ag Tech program is accelerating its Mexico connections Orgenesis Inc (NASDAQ:ORGS) (FRA:45O) collaboration with Madrid hospital to develop solid tumor treatment Celyvir enters second phase Codebase Ventures Inc (CSE:COD) (OTCQB:BKLLF) says Arcology has optimized the popular CryptoKitties blockchain game with faster speeds PyroGenesis Canada Inc (TSX:PYR) (NASDAQ:PYR) (FRA:8PY) says European Patent Office has issued an intent to grant it a patent based on its “Plasma Apparatus for the Production of High-Quality Powders at High Capacity” Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) expands its VIE.bet esports betting brand into Latin America with two new sponsorships deals BetterLife Pharma Inc (CSE:BETR) (OTCQB:BETRF) (FRA:NPAU) says subsidiary Altum Pharmaceuticals to conduct coronavirus trial in Chile using its AP-003 9.44am: Wall Street shares start higher The main indices on Wall Street were in the green at the start of Thursday’s session as the latest US stimulus package and a fall in US jobless claims boosted market optimism Shortly after the opening bell, the Dow Jones Industrial Average was up 0.32% at 32,399 while the S&P 500 climbed 0.76% to 3,928 and the Nasdaq rose 1.69% to 13,290. The higher start came as US jobless data for the week to March 6 showed 712,000 Americans filed for unemployment, down from 754,000 the previous week and below estimates of 725,000. Continuing claims, meanwhile, declined by 193,000 to 4.14mln, although the numbers remain highly elevated compared to pre-pandemic levels. The decline has been attributed to a gradual reopening of some US states following the winter weather, which may have encouraged some firms to refrain from laying off employees for now. On the market, newly listed firm Roblox Corp (NYSE:RBLX) was once again performing strongly on its second day on the market, rising 9.6% to US$76.81 in early deals. 7:50am: Wall Street to start mostly higher Wall Street’s main indices look set to open mostly in the green on Thursday following the passage of a fresh round of US stimulus. The Dow Jones Industrial Average and the S&P 500 are expected to open higher while the Nasdaq is forecast to start the day barely in the red after recovering from the losses taken earlier this month. The US House of Representatives passed the largest fiscal stimulus package in US history, with US$1.9 trillion allocated in support for Americans. “Given the sheer size of the bill and the American public’s willingness to spend (retail sales surged after the previous check), it’s highly likely that the US consumer will help the economy on its way to a faster recovery,” said Sophie Griffiths, analyst at OANDA. “While bond yields and inflation concerns have eased today there is little doubt that they will remain on the market’s radar.” “US core inflation rose just 0.1% month-on-month in February, below expectations, while core CPI rose 1.3% on an annual basis, also falling short of forecasts. The data put to rest (at least for now) runaway inflation expectations, which had been mounting.” Four things to watch for on Thursday: The earnings diary for Thursday is somewhat sparse, although it will feature results from digital form specialist DocuSign Inc (NASDAQ:DOCU) Shares in Vir Biotechnology Inc (NASDAQ:VIR) will also be in focus after its coronavirus (COVID-19) antibody was shown to reduce the risk of death in patients COVID-19 vaccine maker Johnson & Johnson (NYSE:JNJ) could also see a boost after the US government unveiled plans to order an additional 100mln doses of the jab On the macro front, traders will be keeping an eye on the latest interest rate decision from the European Central Bank as well as the latest round of US jobless claims data