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US: Stocks end down after jobless claims rise, Nasdaq -2.3%

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[NEW YORK] Wall Street stocks tumbled on Thursday, with highflying tech shares falling especially hard as a jump in jobless claims exacerbated worries about economic weakness. Read more at The Business Times.

"The foundations to this recovery are cracking under the weight of a mismanaged health crisis," said a note from Oxford Economics that said its"recovery tracker" fell in 18 states in the first full week of July compared to the final week of June.

Lawmakers in Washington have begun debating whether to extend additional weekly payments made to unemployed people provided under the US$2.2 trillion CARES Act passed in March as businesses shut down to stop the spread of Covid-19.

 

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