Dow closes with gain of 1,300 points as American jobless skyrockets

Wall Street rallied for the third straight day Thursday, with investors showing renewed confidence in the economy despite record-breaking unemployment claims as business activity grinds to a halt nationwide.

The Dow Jones Industrial Average ended the day with a gain of just over 1,300 points, or almost 6.5 percent. The S&P 500 and the Nasdaq closed higher, up by around 6 percent each.

Traders remain optimistic that Congress will pass the $2 trillion coronavirus relief package that will give a boost to businesses ravaged by the coronavirus pandemic and provide support to unemployed Americans.

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