Dow gains 1,351 points as Wall Street sees 3rd straight day of gains

March 26 (UPI) -- U.S. stocks continued their rebounds on Thursday powering through news of a historic increase in unemployment after the Senate passed a $2.2 trillion coronavirus relief package that's now in the House.

The Dow Jones Industrial Average closed up 1,351.62 points, or 6.38 percent, while the S&P 500 climbed 6.24 percent as each of the markets ended with gains for the third consecutive day and the Nasdaq Composite rose 5.6 percent after falling slightly on Wednesday.

Boeing, Chevron and Walgreens each climbed more than 10 percent, driving the Dow's gains, while the utilities and real estate sectors of the S&P 500 rose more than 7 percent to fuel its rise.

The S&P's energy sector also saw gains as Marathon Oil increased 11 percent and Exxon Mobil gained 2.8 percent although Brent crude oil prices fell 2.7 percent to $29.19.

Traders on the New York Stock Exchange have been working remotely since the trading floor closed last Friday.

The gains followed a report from the Labor Department that cited an increase of unemployment claims last week of 3 million, the greatest single-week increase in U.S. history.

Earlier Thursday, Federal Reserve Chairman Jerome Powell told NBC's Today the central bank will continue to provide capital to businesses hampered by the coronavirus crisis.

"When it comes to this lending, we're not going to run out of ammunition, that doesn't happen," Powell said. "We still have policy room in other dimensions to support the economy."

Socks have risen and fallen depending on the news surrounding the $2.2 trillion relief package aimed at mitigating the economic impact of the coronavirus outbreak and continued their upturn after the Senate approved the measure, sending it to the House for a vote on Friday.

Internationally, stocks were more mixed. A day after a record gain, Japan's Nikkei 225 fell 4.5 percent and Hong Kong's Hang Seng dipped 1.2 percent. The Shanghai Composite tumbled 0.6 percent.

In Europe, Germany's DAX and France's CAC 40 both dropped 2 percent and Britain's FTSE 100 fell 2.6 percent.