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Tech rally helps stocks beat early losses

The stock market made up early losses Thursday to close with slight gains thanks to rallying shares of major technology companies.

The Dow Jones Industrial Average closed with a gain of nearly 0.2 percent, rising roughly 48 points after opening with a loss of 121 points. The tech-heavy Nasdaq closed 1 percent higher, and the S&P 500 index closed up 0.3 percent after opening with losses of 0.3 percent and 0.4 percent each.

Thursday’s recovery was driven largely by rising tech stocks, which have anchored the rapid stock market recovery from the crash driven by the start of the coronavirus pandemic. Shares of Microsoft, Apple, Facebook, Netflix and Alphabet all closed with gains of more than 2 percent each Thursday.

Stocks initially opened with losses after the Labor Department reported that initial claims for unemployment benefits rose to a seasonally adjusted 1,116,000 in the week ending Aug. 15. Weekly jobless claims dipped below 1 million in the previous week for the first time in five months, and economists had expected the figure to drop again.

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