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Futures rise after S&P 500 hits fresh record

U.S. stock futures moved higher in overnight trading on Thursday after the S&P 500 notched a fresh record in the regular session.

Dow futures rose about 50 points. S&P 500 futures gained 0.2% and Nasdaq 100 futures rose 0.17%.

The major averages rose on Thursday, bolstered by gains in technology stocks. The Dow Jones Industrial Average gained 57 points, helped by a near-2% gain in Apple’s stock.

The S&P 500 climbed 0.42% and closed at a record high for the second day in a row.

The Nasdaq Composite was the relative outperformer, gaining more than 1% as Amazon, Netflix, Microsoft and Google-parent Alphabet all closed higher.

Investors largely shrugged off an unexpected jump in jobless claims from last week. The Labor Department reported first-time claims for the week ended April 3 totaled 744,000, well above the expectation for 694,000 from economists surveyed by Dow Jones.

Treasury yields retreated from their recent highs with the 10-year Treasury yield hovering around 1.6%.

Federal Reserve Chairman Jerome Powell called the recovery from the pandemic “uneven” on Thursday, signaling a more robust recovery is needed.

“The recovery remains uneven and incomplete,” Powell said Thursday in a virtual event presented by the International Monetary Fund and moderated by CNBC’s Sara Eisen. “This unevenness that we’re talking about is a very serious issue.”

The major averages are set to end the week higher. The Dow is up nearly 1.6% this week. The S&P 500 has gained more than 1.9% since Monday. The Nasdaq Composite has rallied more than 2.5% heading into Friday.

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