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European Markets Close Higher as Fed Unveils $2.3 Trillion Stimulus Plan


Thursday, 9 April 2020 23:31 WIB

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European markets closed higher Thursday as investors digested the latest U.S. jobless data and a $2.3 trillion stimulus package from the Federal Reserve.

The pan-European Stoxx 600 closed up by 1.4% provisionally at 331.80 , with travel and leisure stocks jumping over 4% to lead gains as all sectors traded in positive territory. With no trade on Friday, due to the Easter holiday, the benchmark finished up over 7% on the week.

Jobless claims in the U.S. continued to surge amid the coronavirus shutdown, with 6.6 million Americans filing first-time unemployment claims in the week ended April 4, the Labor Department reported Thursday.

Economists were expecting an increase of 5 million after the record-shattering prior two readings of 6.6 million and 3.3 million. Economists forecast that the unemployment rate will jump into the teens this month, from March’s 4.4% level and the 3.5% in February.

Source : CNBC


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