U.S. equity markets surged on Thursday with the Dow Jones Industrial Average exiting bear market territory as optimism grows that the economy will regain its footing despite the coronavirus crisis.

The Dow gained 1,351 points or over 6.4 percent. The S&P 500 also rose 6.3 percent and the Nasdaq Composite over 5.6 percent. A new bull market is set to begin on Thursday.

Investors digested record jobless claims and waited for the House to vote on a $2 trillion relief package which should get money into the hands of out of work Americans and crippled small businesses.

This hope outweighed first-time unemployment filings which surged to a record 3.28 million last week, according to the Labor Department, as the COVID-19 pandemic prompted businesses to temporarily close their doors and lay off employees. The previous record was 695,000, set in 1982.

The all-time high in claims came hours after the Senate voted 96-0, passing the $2 trillion relief package that would extend aid to individuals, small businesses and corporations hit hardest by the pandemic. The House of Representatives is scheduled to debate the bill on Friday.

Looking at stocks, hard-hit travel-related names are seeking direction as the status of the $2 trillion relief package remains in limbo.

Boeing shares continued to gain, adding to their 67 percent climb this week.