(interesting, a different framing)
Stock market news live updates: Stocks trade lower after weak jobless claims report, Emily McCormick, Yahoo Finance, 9/24/20
Stocks fell on Thursday, with nervous investors extending a selloff that’s yanked benchmarks within view of a correction.
The Labor Department’s weekly jobless claims report showed that another 870,000 workers filed new unemployment claims, slightly above Wall Street’s estimates but below the psychologically key 1 million water mark that’s become critical in the post-coronavirus lockdown jobs market. All told, the data shows how workers are continuing to struggle in an economy that’s healing in fits and starts.
However, tech stocks have become a major focus of the market, where heavy selling has dragged the three major indices into a September selloff that most analysts had hoped to avoid. Another day of declines pulled the S&P 500 and Nasdaq to their lowest closing levels since late July.
The blue-chip index ended the day 9.6% below its record high from early September to come within striking distance of entering corrective territory, or a pullback of at least 10% from a recent closing high.
Equity investors are digesting a confluence of concerns, including increased uncertainty around the US presidential elections, signs of a growth slowdown, dimming hopes for fiscal stimulus and worsening trends in Covid-19 cases in the US and Europe, even as drugmakers race to develop an effective Covid-19 vaccine. JPMorgan Chase analysts said Tuesday that a contested US election is now their baseline view, given the expected rise in postal voting and President Donald Trump’s baseless but repeated allegations that the voting method is more conducive to fraud.
More:
https://finance.yahoo.com/news/stock-market-news-live-september-24-2020-224347265.html
S&P 500 and Dow both down 0.80%, Nasdaq down 1.01% 9:41 AM ET
S&P 500 is slightly negative year-to-date at the moment, having closed 12/31/19 at 3231.
1015 AM ET update - stock indexes higher now: S&P 500: +0.53%, Dow: +0.39, NASDAQ +0.72%
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