Nasdaq sets another record high as tech stocks rally

Nasdaq sets another record high as tech stocks rally
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The Nasdaq composite set a new record high Thursday as technology stocks continue to rally in the face of surging coronavirus cases.

The tech-heavy Nasdaq rose more than 40 points Thursday, climbing to a record high of more than 10,500 points with 0.4 percent increase driven by rising Apple, Amazon, Alphabet and Facebook shares. The S&P 500 index ticked down 0.2 percent and the Dow Jones Industrial Average fell 0.5 percent.

Stocks have climbed steadily since the outset the coronavirus pandemic and economic collapse it caused, recovering even as COVID-19 cases surge and threaten to deepen the recession driven by the health crisis.

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President TrumpDonald John TrumpNew Bob Woodward book will include details of 25 personal letters between Trump and Kim Jong Un On The Money: Pelosi, Mnuchin talk but make no progress on ending stalemate | Trump grabs 'third rail' of politics with payroll tax pause | Trump uses racist tropes to pitch fair housing repeal to 'suburban housewife' Biden commemorates anniversary of Charlottesville 'Unite the Right' rally: 'We are in a battle for the soul of our nation' MORE has consistently cheered the recovery of the stock market to bolster the case for his reelection, arguing in a Wednesday tweet that the U.S. is "shaping up for a good third quarter, and a great next year."

Even so, the fragile recovery from the start of the pandemic is increasingly threatened by rising COVID-19 cases. 

While initial jobless claims continued to fall last week, the number of people applying for help under the expanded Pandemic Unemployment Assistance program spiked by 42,000 to over 1 million claims. The total number of claims last week also remains well above historic highs as the U.S. faces another economic slowdown driven by new restrictions.