How major United States stock indexes fared Thursday

Cornelia Mascio
Agosto 14, 2020

The Dow Jones Industrial Average declined 80 points (-0.29%) to 27896, the S&P 500 eased 6 points (-0.20%) to 3373, while the Nasdaq 100 edged up 20 points (+0.19%) to 11178. At one point, it climbed above 3,386.15. Its intraday record of 3,393.52 was also set on February 19.

DJIA unofficially closes down 74.53 points, or 0.27%, at 27,902.31. The Nasdaq Composite was up 104.57 points, or 0.95%, at 11,116.81. The index began stumbling in the early afternoon, as Treasury yields were accelerating following an auction of 30-year bonds by the United States government. "There may be a little bit of relief in that you now have basically two centrist candidates on the Democratic ticket", said David Kelly, chief global strategist at JPMorgan Asset Management. "It's not a bad day by any stretch of the imagination, but it's also a summer day", which are traditionally slow for markets.

Treasury yields were higher following an auction of 30-year bonds and after a report showed that 963,000 USA workers filed for unemployment benefits last week.

Economists said the drop in jobless claims, which was better than the market was expecting, is an encouraging step.

Prices for the 10-Year Treasury demurred, raising yields to 0.68% from Wednesday's 0.67%. It had been at 0.57% just on Monday.

The S&P 500 remained.7% increased for the week inspite of Thursday's drop.

Economists say consumer spending could be under more pressure going forward after several USA government programs to aid the economy expired, including $600 in extra unemployment benefits each week.

Democrats and Republicans are still far apart, but hope remains on Wall Street that they'll reach a deal on stimulus that investors say is crucially needed.

"So while this employment report is a broadly positive piece of economic data, the Australian labor market is still under severe stress following the COVID-19 pandemic", said Robert Carnell, regional head of research for Asia-Pacific at ING. "There's a moderation, but not a reversal".

Much of the rebound has been due to massive amounts of support from the Federal Reserve, which has slashed interest rates to almost zero and propped up far-ranging corners of the bond market to keep the economy afloat. The central bank has slashed short-term interest rates to almost zero and has plunged into far-reaching corners of the bond market to keep lending running smoothly.

Wall Street stocks closed lower on Tuesday despite Russian Federation giving regulatory approval for the world's first Covid-19 vaccine.

The S&P 500 and Nasdaq rose on Thursday, with Apple inching toward $2 trillion in market capitalization, as data showed jobless claims fell below one million last week for the first time since the start of the pandemic in United States. It gave a forecast for the current quarter that fell short of analysts' forecasts.

Japan's benchmark Nikkei 225 jumped 1.9% in morning trading to 23,272.34.

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