ECONOMIC SILUET: Dow and S&P 500 slip | Jobless claims rise much more than expected

Kamis, 10 Desember 2020

Dow and S&P 500 slip | Jobless claims rise much more than expected | Airbnb shares skyrocket in IPO

THU, DEC 10, 2020

EVENING BRIEF

AS OF THU, DEC 10, 2020 • 04:18 ET

DJIA		29999.26
		-0.23%	-69.55

S&P 500		3668.10
		-0.13%	-4.72

NASDAQ		12405.81
		+0.54%	+66.86

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	123.24	+1.46	+1.20%
INTC	50.26	+0.19	+0.38%
MSFT	210.52	-1.28	-0.60%

S&P 500
NAME	LAST	CHG	%CHG
GE	11.32	-0.07	-0.61%
F	9.12	-0.33	-3.49%
AAL	17.99	+0.83	+4.84%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	123.24	+1.46	+1.20%
TSLA	627.07	+22.59	+3.74%
AMD	91.66	+1.83	+2.04%

EDITOR'S NOTE

Wall Street may be hopeful about the country's economic future as coronavirus vaccines could start being distributed, but the jobs market is showing signs of slowing down in its recovery.

The Labor Department said Thursday that 853,000 Americans filed for unemployment benefits in the week of Dec. 5. Economists polled by Dow Jones expected claims to rise to 730,000 from 716,000. That also marks the first time since October that initial claims totaled more than 800,000.

"Evidence has been building indicating that claims hit an inflection point in early November due to rising COVID case numbers and forced the imposition of social distancing policies that really hurt the service sector of the economy," said Thomas Simons, money market economist at Jefferies.

Thursday's disappointing data came as lawmakers continued to struggle to strike a deal on additional U.S. fiscal stimulus.

House Speaker Nancy Pelosi told reporters that bipartisan negotiations were leading to "great progress" for an additional government aid package. However, Pelosi added that both sides were still debating a liability waiver for businesses.

Democrats again endorsed a $908 billion bipartisan stimulus proposal, but Senate Majority Leader Mitch McConnell's staff reportedly told other congressional leaders' offices that Senate Republicans would not support the measure.

"The recent disappointment on the jobs front … increases the need for additional fiscal aid, as well as the pressure on members of Congress to reach a near-term deal to supplement lost wages and revenues as a result of government policies mandating closures," wrote Lindsey Piegza, chief economist at Stifel.

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