| | Friday, March 27, 2020 | The Market Looks Past 3.28 Million Newly Unemployed and Soars: Is That Crazy? By Shah Gilani | Dear Wall Street Insights & Indictments Reader,
Initial jobless claims for the week ending March 21, 2020, was a record 3.28 million.
That's 11.6 times more than the week before when 281,000 claims were filed, and 4.72 times the previous record of 695,000 Americans who were seeking benefits way back in the week ending October 2, 1982.
But that didn't stop the Dow Jones Industrials Average from soaring 1,083.79 points, or 5.05%, to 22,552.17.
Is that crazy?
NO...and yes. Here's why.
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