Aug. 6 (UPI) -- Markets rose on Thursday behind strong performances by tech stocks, while gold futures continued a rally, hitting a record for a fifth straight day.
The Dow Jones Industrial Average ended the day up 185.46 points, or 0.68%, while the S&P 500 gained 0.61% and the tech-heavy Nasdaq Composite increased 1%, pushing it to a record high.
Facebook stock helped to lead the way, closing the day up 6.49%, while Apple increased 3.49%, Microsoft gained 1.6%, Netflix stock grew 1.39% and Amazon rose 0.62%.
"It's a tale of a bifurcated market," Dryden Pence, chief investment officer at Pence Wealth Management, told CNBC. "You've got a few sectors that are doing well ... and they've left a lot of the rest of the market behind."
Gold futures rose 1.27% for another record price of $2,063 after surpassing the $2,000 threshold for the first time earlier this week.
The rise came as demand for precious metals surged in part due to indecision in Congress over the latest round of COVID-19 stimulus legislation.
Markets were also affected by better-than-expected unemployment numbers as an additional 1.2 million U.S. workers filed for new unemployment benefits, a decrease of 249,00. The Labor Department listed the unemployment rate at 11%.
"Gold is surging once again after better-than-expected jobless claims, real yields resume their freefall and as lawmakers struggle to make further progress on stimulus talks," senior market analyst at Oanda, Edward Moya, wrote.