Stocks surge again after relief bill passed

FILE - This photo provided by the New York Stock Exchange shows the unoccupied NYSE trading floor, closed temporarily for the first time in 228 years as a result of coronavirus concerns, Tuesday March 24, 2020. Global stocks and U.S. futures declined Thursday after the U.S. Senate approved a proposed $2.2 trillion virus aid package following a delay over its details and sent the measure to the House of Representatives. (Kearney Ferguson/NYSE via AP, File)
FILE - This photo provided by the New York Stock Exchange shows the unoccupied NYSE trading floor, closed temporarily for the first time in 228 years as a result of coronavirus concerns, Tuesday March 24, 2020. Global stocks and U.S. futures declined Thursday after the U.S. Senate approved a proposed $2.2 trillion virus aid package following a delay over its details and sent the measure to the House of Representatives. (Kearney Ferguson/NYSE via AP, File)

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NEW YORK (AP) - Stocks marched higher for a third straight day Thursday as a massive coronavirus relief bill moved closer to passing Congress and Wall Street took some historically bad unemployment figures in stride.

The S&P 500 rose 6.2 percent, bringing its three-day rally to 17.6 percent. The Dow industrials have risen an even steeper 21.3 percent since Monday.

Nearly 3.3 million Americans applied for unemployment benefits last week, easily shattering the prior record set in 1982, as layoffs and business shutdowns sweep across the country.

The market shot higher Thursday because Wall Street knew the bad news on unemployment was coming, analysts said, and the Senate finally passed a $2.2 trillion economic aid package as part of an astonishing amount of support being pushed into the economy by politicians and the Federal Reserve.

Despite the big gains, the S&P 500 remains 22 percent below its February high and analysts expect more dire economic headlines, and market turbulence, in the days ahead.

Companies are also expected to report discouraging results in just a few weeks as earnings season begins. Very few have dared to issue forecasts capturing how big a hit the virus will inflict on their profits.

Investors still need to see stability in banks and, especially, in oil prices to maintain confidence, because markets could be in for another slide if oil goes below $20 a barrel, said Andrew Slimmon, managing director and senior portfolio manager at Morgan Stanley Investment Management.

Benchmark U.S. oil slid 7.7 percent to settle at $22.60 a barrel. Goldman Sachs has forecast it will fall well below $20 a barrel in the next two months because storage will be filled to the brim and wells will have to be shut in.

The yield on the 10-year Treasury fell to 0.83 percent from 0.85 percent late Wednesday. It had been as low as 0.77 percent just before the jobless report was released. Lower yields reflect dimmer expectations for economic growth and greater demand for low-risk assets.

Boeing continued to climb. The aircraft manufacturer was the biggest gainer in the Dow Jones Industrial Average, rising 13.7 percent.

The Dow was also adding to its gains this week. It rose 6.4 percent, or 1,351.62 points to 22,552.17. The Nasdaq gained 413.24 points, or 5.6 percent, to 7,797.54. The benchmark S&P 500 index rose 154.51 points to 2,630.07.