Shares of several companies in the broader technology sector, including Block Inc (NYSE:SQ), are trading higher Thursday following better-than-expected U.S. jobless claims data, which has lifted recovery sentiment.
Initial unemployment filings dipped last week moving closer to the lowest level in more than 50 years, according to the Labor Department.
Jobless claims fell by 8,000, coming in at 198,000 for the week ending Dec. 25 and beating the expectation of 205,000.
Continuing claims dropped to 1.72 million, representing the lowest level since March 7, 2020. When the pandemic accelerated, the national unemployment rate peaked at 14.8% in April, 2020. The current national unemployment rate is 4.2%.
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Block provides payment acquiring services to merchants, along with related services.
SQ Price Action: Block has traded as low as $157.57 and as high as $289.23 over a 52-week period.
The stock was up 3.31% at $167.21 at time of publication.
Photo: courtesy of Block.
