for the week that ended on Saturday, the Labor Department said on Thursday. That exceeded the consensus economist estimate of 1.3 million and marked a slight decline from the prior period. In 13 weeks, 46 million Americans have applied for unemployment insurance amid coronavirus-related layoffs.
Stocks related to the economic reopening — including airlines, cruise lines, and retailers — slumped on Thursday. The group has been subject to volatile trading sessions as investors weigh the US's economic reopening against spikes in COVID-19 cases.BANK OF AMERICA: Buy these 13 cheap stocks that have unexpectedly strong finances, making them great bets for the next phase of the rally
In testimony on Wednesday, Federal Reserve Chairman Jerome Powell urged Congress not to pull back the fiscal support it had given the US economy"too quickly." "The economy is just now beginning to recover," Powell said."It's a critical phase, and I think that support would be well placed at this time."
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