Dow drops 200 points as unemployment claims surge once again

[tacobell fan]

The Dow Jones Industrial Average fell sharply on Thursday while investors digested more data reflecting the economic devastation from the coronavirus pandemic.

The 30-stock average traded 240 points lower, or 1%. Earlier in the session, the Dow traded slightly higher. The S&P 500 also rolled over, sliding 0.4%. A 3% gain lifted the Nasdaq Composite higher by 0.4%. (Click here for the latest market news.)The Labor Department said 5.245 million Americans filed for unemployment benefits in the week of April 11. Last week’s claims total brought the number of job losses to 22 million during the coronavirus outbreak. 

 

However, Grant Thornton Chief Economist Diane Swonk pointed out the pace of weekly claims declined last week. 

“It’s not exactly good news when the pain is compounding but it should be peaking,” Swonk said. “We are going to be disbursing 1.3 million plus small business loans. They have to start using that money within 10 days, which means we’ll people brought back on the payrolls in May and June.” 

 

 

 

The Philadelphia Federal Reserve’s business conditions index hit its lowest level since July 1980 as activity in the region slumped this month. U.S. housing starts plunged 22.3% in March. 

Thursday’s moves followed a slump during regular trading on Wednesday as gloomy economic data and anemic bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy.

The Dow and Nasdaq both fell more than 1% on Wednesday while the S&P 500 lost 2.2% on the back of disappointing retail sales data. The numbers reflected a record plunge of 8.7%.

 

The Dow and Nasdaq both fell more than 1% on Wednesday while the S&P 500 lost 2.2% on the back of disappointing retail sales data. The numbers reflected a record plunge of 8.7%.

Despite the recent dismal economic data, some market strategists pointed to a slowdown in the daily number of new U.S. coronavirus cases and the flattening in the net number of hospitalizations in New York state as evidence that markets may trend upward in the coming weeks.

 

 

 

JPMorgan’s Marko Kolanovic said Wednesday evening that such improvements in health-care data could encourage state governments to take “baby steps” to reopen certain economies as soon as next week. 

Kolanovic, the global head of quantitative and derivatives strategy at JPMorgan, reiterated his forecast that the U.S. equity market could reach new all-time highs as soon as the first half of 2021 if the economy is set to recover later that year.

Better health-care figures mean “we think it’s gonna be possible to reopen it sooner. We think within a week from now, you will start seeing some limited moves,” he told CNBC’s “Fast Money.”

“It’s going to be limited: I’m talking baby steps,” he added. “But that tells us that by the summertime, we may more substantially recover. And sometime next year — maybe the second half of next year — the economy reaches the high watermark. Which means that the market could reach a high watermark in the first half of next year.”

The Dow and S&P 500 remain more than 20% and 17.9% below their respective all-time highs set in February as marketplace jitters over the spread of the novel coronavirus and an uncertain vaccine timeline foster volatile trading on Wall Street.

Eager to restart significant portions of U.S. commerce, President Donald Trump again advocated for a gradual reopening of the economy during a press conference Wednesday evening.

The president said that there are also public health costs the result of keeping state economies closed. Lost income and benefit coverage, the president said, can also lead to significant and negative health outcomes.

“There has to be a balance. You know, there’s also death involved in keeping [the economy] closed,” Trump said from the White House. “We have to get back to work.”

“With all of that being said, we’re going to start with states and with governors that have done a great job. And they’re going to open it up as they see fit,” he said.

[VictoryTDP]

Jujubi

[Scada]

DOW ->  

[reality]

Inka downhill ye...

[veeraveeraleaks]

Eee dheeed lanjodkul manipulate seyyakapothe ippudu already 15k dhaggara undali market. 

Whole country is in a deep mess. Unemployment peaks. Almost zero GDP, consumer spending all time low. Asal ye metrics chusina assameeee  

[tacobell fan]

10 minutes ago, veeraveeraleaks said:

Eee dheeed lanjodkul manipulate seyyakapothe ippudu already 15k dhaggara undali market. 

Entha money pump chesina it end up in big shot pockets