The stock market finished slightly lower on Wednesday after a dismal report on U.S. payrolls showed 20 million job losses in April and the Treasury Department announced that it will issue a new 20-year bond to help finance government debt during the coronavirus pandemic.The Dow Jones Industrial Average was down 0.8%, nearly 200 points lower, on Tuesday, while the S&P 500 fell 0.6% and the Nasdaq Composite gained 0.7%.
Stocks have moved higher in recent weeks amid increasing optimism on Wall Street over several states—including Georgia, Florida, Texas and California—beginning to reopen businesses and lift coronavirus lockdowns.with ABC on Tuesday that reopening parts of the U.S. economy would inevitably cost lives, but he also argued that the benefits of reopening outweigh the costs.
Investors also grappled with more dismal economic data: ADP and Moody’s Analytics showed private payrolls dropping by 20.2 million in April, theBig tech stocks continued to outperform the market: The five FAANG stocks—Facebook, Apple, Amazon, Netflix and Google parent Alphabet—all finished higher on Wednesday.Oil prices reversed course, falling by as much as 5% and ending a five-day winning streak.
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