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Wall Street stocks opened sharply yesterday after another spike in US jobless claims amid worries over rising coronavirus cases in some states that have reopened their economies.
About 35 minutes into trading, the Dow Jones Industrial Average stood at 26 138,71, down 3,2 percent, or about 850 points.
The broad-based S&P 500 shed 2,7 percent to 3 105,14, while the tech-rich Nasdaq Composite Index fell 2,1 percent to 9 811,49. The Nasdaq has closed at records the last three days amid a major rally by US stocks following their March plunge. But some analysts believe traders have overestimated the likely economic rebound following coronavirus shut-downs. Despite moves to reopen businesses nationwide, another 1,54 million US workers filed for unemployment benefits last week, the Labour Department reported, bringing the total initial claims since the shut-downs began in mid-March to 44,2 million. The figure was lower than last week’s jobless claims, but a gloomy reminder of the headwinds facing the US economy. — AFP.
Online Reporter