NEW YORK (Reuters) – World shares rose on Thursday after China’s exports came in far stronger than expected, suggesting an economic recovery was under way, but the dollar fell from two-week highs as U.S. data showed millions more Americans joined the ranks of the unemployed.
FILE PHOTO: A pedestrian wearing a face mask rides an escalator near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease (COVID-19), at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song
Gold jumped 2% as the weak U.S. data heightened fears over a coronavirus-induced global downturn.
Initial U.S. jobless claims for unemployment benefits totaled a seasonally adjusted 3.169 million for the week ended May 2, down from a revised 3.846 million in the prior week, the Labor Department’s weekly report showed.
The data reinforced economists’ expectations of a protracted recovery for the U.S. economy, which is reeling from lockdowns across the country to slow the spread of the coronavirus pandemic.
“The pace is slowing down, which is providing some optimism that we are finally going to see things bottom out,” Ed Moya, senior market analyst at OANDA, said of the unemployment claims.
Investors took heart on news that Moderna Inc (MRNA.O) said it could start trials for a COVID-19 vaccine by early summer.
“The more vaccine trials that are out there, the more optimism that one will stick,” Moya said.
Technology stocks again led Wall Street higher as investors bet on a recovery, pushing the Nasdaq i