U.S. weekly jobless claims have hit a record high amidst the coronavirus pandemic.
The previous week, which reflected the period before the worst of the coronavirus hit, was just 282,000.
The 4-week moving average, which smooths out weekly distortions, was 1,731,000, an increase of 27,500 from the previous week's revised average. "This was way bigger than we thought and the market's still moving higher," said Randy Frederick, vice president of trading and derivatives at Charles Schwab. "That's a very encouraging sign that we may be in a bottoming process."Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus's growth in check. Individual states have reported websites crashing amid a rush to file.
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