US unemployment benefits fall beyond expectations. Closing up for Wall Street

The number of new applications for weekly unemployment benefits in the United States dropped to 498,000 from 590,000 the previous week (revised up from the initial 553,000). Analysts had expected a more contained decline to 540,000 units.

Meanwhile, Tuesday 6 May closed higher for Wall Street with the Dow Jones marking a new all-time high driven by the drop in new unemployment benefits that boosted cyclical stocks in the hope of an upcoming recovery.

The Dow Jones gained 0.93% to 34,548.53 points, the Nasdaq rose 0.37% to 13,632.84 points, the S&P 500 advanced 0.82% to 4,201.62 points.

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