Stocks climb higher after unemployment claims post record surge

The Dow Jones Industrial Average added 486 points, or 2.3 percent, while the S&P 500 and Nasdaq Composite climbed 1.8 percent and 1.6 percent, respectively. First-time unemployment filings surged to a record 3.28 million last week, according to the Labor Department, as the COVID-19 pandemic caused businesses to temporarily close their doors and lay off employees. The previous record was 695,000, set in 1982.

For more news, please go to FoxBusiness.com and watch Fox Business Network.