Giant Jobless Surge Is Only a Ripple in Stocks: ‘It’s Priced In’

Surging claims for unemployment benefits elicited a notably calm reaction in the stock market, relative to its recent volatility.

Down as much as 2.6% overnight, the S&P 500 contract steadily trimmed the loss before erasing it around 9 a.m. in New York, after the government said 3.28 million people filed claims last week, a record. While the data were more stark evidence of the immense human hardship caused by the virus, a sense that investors had steeled themselves for the increase and a continued focus on stimulus may have prevented a more violent reaction.