US Stocks End Lower After Another Jump In Jobless Claims
Umer Jamshaid Published May 22, 2020 | 02:00 AM
New York, (UrduPoint / Pakistan Point News - 22nd May, 2020 ) :Wall Street stocks finished lower Thursday following a choppy session as markets weighed heightening US-China tensions and another spike in jobless claims.
The Dow Jones Industrial Average shed 0.4 percent to 24,474.12.
The broad-based S&P 500 dropped 0.8 percent to 2,948.51, while the tech-rich Nasdaq Composite Index tumbled 1.0 percent to 9,284.88.
The pullback extended the week's pattern of volatility after a big rally day Monday was followed by a pullback Tuesday and then more gains Wednesday.
"Every other day is another direction," said Art Hogan, chief market strategist at National Securities.
Markets are trying to suss out whether states reopening their economies were seeing significant coronavirus outbreaks and also weighing announcements about pharmaceutical developments that could combat COVID-19.
"We're as glued to the coronavirus news as much as the economic news and that's going to cause a lot of volatility," Hogan said.
The Labor Department reported that another 2.43 million US workers applied for unemployment benefits last week, bringing the total since the coronavirus shutdowns began in mid-March to a massive 38.6 million.
Investors also increasingly view tensions between Washington and Beijing as a risk to stocks in the coming months, with US President Donald Trump loudly blaming China for the outbreak that has claimed more than 90,000 American lives.
Retailers were mixed following earnings announcements, with Best Buy sliding 4.4 percent, TJX gaining 6.8 percent and Macy's advancing 5.9 percent.
Recent Stories
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
EU wants to ease youth movement to and from UK
Police foils attempt of supply mainpuri raw material
More Stories From Miscellaneous
-
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
4 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
5 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
5 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
8 days ago -
Radio Bahawalpur to broadcast Eid programs
10 days ago -
DC, DPO Haripur inspect bus terminals to review fares compliance
12 days ago
-
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
12 days ago -
Reaping bounties as Ramazan culminates
12 days ago -
Digital transformation – a boon or bane
12 days ago -
Plants’ business: Another casualty of climate change
14 days ago -
Eid shoppers prioritize children’s joy over personal comforts
14 days ago -
Besant Hall Cultural Centre honoring Pir Hassam din Rashdi to take place on April 1
19 days ago