The S&P 500 and Dow retreated on Thursday as an uptick in coronavirus infections in parts of the United States threatened to upend bets of a swift economic recovery, with data showing weekly jobless claims remained elevated.
Traders exit the 11 Wall St. door of the New York Stock Exchange in New York City, New York, U.S., June 11, 2020. REUTERS/Brendan McDermid
Several U.S. states including Texas, Florida and Oklahoma reported a surge in new infections. However, President Donald Trump said late on Wednesday the United States would not close businesses again. “Without a vaccination or solution to this healthcare problem, it’s going to continue to create economic problems even though the data has probably bottomed in the United States and China,” said Nate Fischer, chief investment strategist of Strategic Wealth Partners, in Cleveland.
The Labor Department’s report showed initial claims for state unemployment benefits totaled a seasonally adjusted 1.508 million for the week ended June 13, the eleventh straight weekly drop. “It’s off a very low base, so the numbers have done better than expected, but the risk-reward profile right now is not that favorable given how far we have run off the bottom,” Fischer said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow Jumps 500 Points After Record Surge In Retail SalesThe Dow jumped 500 points today after a record surge in retail sales by skleb1234
Read more »
UK Producers Battling For Payouts On 500 Insurance Claims After Shoots Were Shut Down By CoronavirusBritish TV and film producers are fighting to secure insurance payouts running to “many many millions” of pounds after the coronavirus pandemic shut down shoots. Pact CEO John McVay rev…
Read more »
Experts predict the S&P 500 will lose 3.6% this year—here's what that means for investorsFinancial professionals estimate that investors are in for a rocky 2020, with the S&P 500 expected to be down 3.6% for the year. Here's what financial planners say that means for younger investors.
Read more »
Dow gains 527 points as historic retail-sales rebound spurs economic optimism | Markets InsiderUS stocks surged Tuesday as investors cheered a record jump in monthly retail sales and reports the Trump administration is preparing a $1 trill...
Read more »
Stock market live today: Dow futures down 100, reopening trades lower, jobless claims aheadThe latest on markets Thursday, including coronavirus developments and the latest jobless claims figures.
Read more »
What to watch today: Stock futures sink after Dow breaks three-session win streakU.S. stock futures are sharply lower Thursday, one day after the Dow broke a three-session winning streak.
Read more »