The stock market moved lower on Thursday after jobless claims came in worse-than-expected and rose for the first time in nearly four months amid the recent surge in coronavirus cases across the country.... [+]The Dow Jones Industrial Average was down 0.3%, over 50 points, at Thursday’s open, while the S&P 500 fell 0.1% and the tech-heavy Nasdaq Composite lost 0.3%.Americans filed for unemployment last week, according to data released by the Labor Department.
Not only was that number higher than the 1.3 million expected, but it was also the first time jobless claims have risen since March, suggesting that the labor market’s recoveryMeanwhile, companies continued to report second quarter earnings: Microsoft shares fell nearly 2% despite the company beating revenue expectations late on Tuesday.
Tesla saw its stock rise nearly 5% in early trading after the company blew past analyst expectations and posted its fourth consecutive quarter of profit—meaning itAirlines, on the other hand, continued to report massive losses amid the pandemic: American Airlines posted a net loss of $2.1 billion, while Southwest Airlines saw a loss of $915 million. The S&P is now less than 4% from hitting a new record high, after turning positive for 2020 earlier this week.
skleb1234 I’m old enough to remember when we could lose 5 million jobs a week and the market would skyrocket.
skleb1234
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Source: Forbes - 🏆 394. / 53 Read more »