The Dow Jones Industrial Average was flat by midday on Thursday, while the S&P 500 was up 0.1% and the tech-heavy Nasdaq Composite gained 0.4%.
Stocks initially opened lower on the back of disappointing jobless claims data: Another 1.5 million AmericansEven though claims have fallen dramatically from their peak in March, when 6.9 million people filed in just one week, this week’s data underscores that the economy will not bounce back quickly after the coronavirus pandemic is over.
Investor sentiment has also taken a hit from fears of a resurgence in coronavirus infections across the country: Many states reopening, such as Arizona and Texas, are seeing record numbers of new cases. Parts of the U.S. that have started reopening but are now seeing spikes in new cases are “on the cusp of losing control” over the virus, former FDA Commissioner Dr. Scott GottliebShares of companies that would benefit from the economy reopening—including airlines, retailers and cruise operators—led the markets lower at the open but later recovered their losses and moved higher.
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