A Wall Street rally on Thursday despite record new unemployment filings in the US.

A Wall Street rally powered global gains in stocks on Thursday despite a record number of new unemployment filings in the US, Reuters reports.

Traders focused on the unanimous passage of a $2 trillion coronavirus relief bill in the Senate and the possibility of more stimulus to come.

The legislation is intended to flood the country with cash in a bid to stem the crushing impact the outbreak has already had on the world’s largest economy. Nearly 3.3 million Americans filed for unemployment benefits over the past week, eclipsing the previous record of 695,000 set in 1982.