At the open, the Dow has gained 256.07 points, following on from gains seen in the previous session as investors returned from the Memorial Day long weekend to news that pharmaceutical firm Novavax had begun trials on a Covid-19 vaccine in Australia.
In point of fact, Wednesday's rally in the Wall St. was nearly entirely galvanized by an unprecedented rally of the bank stocks, while the S&P 500's financial index.SPSY, which rose roughly 10 per cent over the past two days and marked up its biggest two-day increases since April 8th-9th, had led the charges.
The S&P's move pushes the index past its 200-day moving average for the first time since March 6.
The Dow Jones Industrial Average closed down 147.63 points, or 0.58 percent and the S&P 500 dropped 0.21 percent.
Futures contracts for the S&P 500 were largely flat on Thursday as investors weighed hopes of an economic recovery against underlying tensions between the United States and China.
The top performers on the NASDAQ Composite were ARCA Biopharma Inc (NASDAQ:) which rose 386.33% to 19.21, Hexindai Inc (NASDAQ:) which was up 170.83% to settle at 1.3000 and Hudson Capital Inc (NASDAQ:) which gained 70.77% to close at 0.700. The bill will bypass Hong Kong's legislature, raising concerns over the longevity of Hong Kong's "one party, two systems" principle, which allows additional freedoms mainland China does not have.
Facebook and Netflix fell more than 1% each while Amazon and Alphabet posted small losses. Still, sectors such as financials .SPSY and industrials .SPLRCI charged ahead with gains of 5% and 4%, respectively.
Meanwhile, the number of Americans filing for unemployment benefits held above 2 million for a 10th straight week, while a separate report showed GDP contracted at a bigger-than-expected 5 per cent annualized rate in the first quarter, the deepest drop in output since the 2007-09 Great Recession.
About 2.1 million Americans filed claims for unemployment last week, the lowest weekly amount since the coronavirus pandemic commenced.
Bank of America CEO Brian Moynihan told CNBC's "Squawk Box" on Thursday that the USA economy is coming "out of the hole", noting: "You're seeing us come out of the depths of where we were in April, and that's good news".
Kenny Atkinson expected to interview for Knicks head coach job
Tom Thibodeau is now at the top of their list, according to a report from Shams Charania and Mike Vorkunov of The Athletic . Thibodeau also served as an assistant coach for the Knicks from 1996 to 2004, so he has previous ties to the organization.