Job losses hit 22 million | Stocks still manage to rise | Small business loan program out of cash

Stocks rose led by tech even as investors digested worse-than-expected economic reports.

VIEW IN BROWSER | SUBSCRIBE THU, APR 16, 2020 EVENING BRIEF AS OF THU, APR 16, 2020 • 04:55 ET DJIA 23537.68 +0.14% +33.33 S&P 500 2799.55 +0.58% +16.19 NASDAQ 8532.36 +1.66% +139.19   Most Active DOW NAME LAST CHG %CHG MSFT 177.04 +5.16 +3.00% AAPL 286.69 +2.26 +0.79% BA 134.24 -11.74 -8.04% S&P 500 NAME LAST CHG %CHG GE 6.24 -0.26 -4.00% AMD 56.95 +1.96 +3.56% BAC 21.42 -0.77 -3.47% NASDAQ NAME LAST CHG %CHG AMD 56.95 +1.96 +3.56% AAL 11.07 -1.22 -9.93% MSFT 177.04 +5.16 +3.00% EDITOR'S NOTE All it took was four weeks to wipe out almost all the jobs the U.S. has gained since the depths of the 2008 financial crisis.   The Labor Department on Thursday reported that 5.245 million more Americans filed unemployment claims last week, bringing the total to more than 22 million since the coronavirus pandemic began shutting down businesses.   And that's just what we can count.  "What's more, with many workers, including those in the gig economy, not included in these numbers, labor market pains may be even worse than these numbers suggest," wrote Seema Shah, chief strategist at Principal Global Investors.   Stocks seesawed on the news - which was widely expected, as bad as it was - ending the day slightly higher because of gains in tech.   As job losses mount, the pressure has intensified for state and federal governments to quickly reopen the economy.  But recovering may take the rest of this year and 2021 as well, Morgan Stanley CEO James Gorman said Thursday in an interview with CNBC.   "This is not going to turn on a dime," Gorman said. "I would say through the end of next year, we're going to be working through the global recession."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Stocks rise slightly, led by tech; Netflix hits record Weekly jobless claims hit 5.245 million, raising monthly loss to 22 million due to coronavirus The US economy has nearly erased all the job gains since the financial crisis New York and other East Coast states extend shutdown of nonessential businesses to May 15, Gov. Cuomo says Small business rescue loan program hits $349 billion limit and is now out of money Track the latest coronavirus news here The US economy can't reopen without widespread coronavirus testing: Getting there will take a lot of work and money Morgan Stanley CEO James Gorman sees coronavirus-induced recession lasting through all of 2021 US home construction collapsed 22.3% in March GE, Ford sign $336 million federal contract to make ventilators for coronavirus outbreak     TOP VIDEO Morgan Stanley CEO James Gorman on Q1 earnings, reopening the economy and more   CNBC PRO Barclays really loves Amazon stock: 'We'd rather own AMZN than just about anything else'   SPECIAL REPORTS Stocks trading at deep discounts to their Wall Street price targets are likely red flags, trader warns Stock market faces a critical decision now, trader says   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS