NEW YORK: Wall Street stocks end lower on Thursday following another round of poor economic data, bringing a lackluster conclusion to an April rebound that constituted the market's best month in decades.
Stocks have been on a tear in recent weeks as the market focuses on improving trends in some coronavirus hotspots and unprecedented government stimulus rather than the mounting economic toll from the crisis. But the Federal Reserve on Thursday expanded its business loan programme to reach more troubled firms, the latest forceful move that has emboldened equity investors."The Fed will keep funnelling capital into the financial system until the American economy is back on a solid footing," analyst Nicholas Colas of DataTrek Research said in a note.
Facebook jumped 5.4 per cent as it reported a sharp increase in usage as the global pandemic, even though it saw weaker demand for advertising as well as a drop in ad prices during the last three weeks of the quarter.
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