EDITOR'S NOTE
Thursday's jobless claims report implies that millions of people have returned to work as states continue reopening businesses.
A drop of 4 million in continuing jobless claims bolsters the argument for a stronger recovery, and it's a positive sign for anyone looking for work. Nevertheless, economists are still trying to get a handle on the total carnage in employment, writes CNBC's Patti Domm. The unemployment rate for May is expected to come in at around 20%.
Thursday's report showed 2.1 million people filed unemployment claims last week, but that was better than the 2.4 million in the prior week. More than 40 million people have filed since mid-March when the coronavirus was declared a pandemic. 
"These are just enormous numbers," said Chris Rupkey, chief financial economist at MUFG Union Bank. "It's still at least three times more than the number of people filing claims in any week of the Great Recession.”
Stocks stayed in the green for most of the day on Thursday but fell into the red after President Donald Trump announced a news conference on China.
Adam Crisafulli of Vital Knowledge said in a note that stock valuations are too high and this "leaves no room for error while investors aren’t paying enough attention to rising US-China tensions.”
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