May 14, 2021 (UPI) — U.S. markets rebounded Thursday driven by loosened guidelines for people vaccinated against COVID-19 and positive unemployment data.
The Dow Jones Industrial Average gained 433.79 points, or 1.29%, while the S&P 500 climbed 1.22% with all 11 sectors trading positively and the Nasdaq Composite closed the day up 0.72%.
Shares of American Airlines, Delta and United each rose more than 2% to help boost gains Thursday after the Centers for Disease Control and Prevention issued guidance stating that people in the United States who are fully vaccinated against COVID-19 do not have to wear masks or maintain 6 feet of distance in most indoor and outdoor settings.
Markets also responded positively to the Labor Department’s report of new unemployment claims, which fell below 473,000 last week, a new pandemic low.
Thursday’s gains came after losses driven by fear of inflation on Wednesday which saw the Dow drop 680 points and the tech-heavy Nasdaq fall 2.6% amid a steep sell-off of tech stocks.
Tech stocks rebounded some Thursday with Apple stock rising 1.79% and Microsoft gaining 1.69%, but inflation fears still loomed.
“It’s not a matter of whether inflation is going to be firmong over the next couple of months … it will,” Garret Melson, a portfolio strategist at Natixis Investment Manager Solutions told Yahoo Finance. “The bigger story is whether we’re seeing a persistent and structural shift higher in prices.”
Several major stocks shifted after hours trading as they reported earnings after the bell with Disney falling 3.41% after reporting revenue of $15.61 billion, short of analysts predictions of $15.87 billion.
DoorDash, on the contrary, exceeded analysts expectations reporting $1.08 billion as shares of the food delivery company rose 6.33%.