Coronavirus News
U.S. Stocks Open Lower as Fed Outlook Rattles Investors – The Wall Street Journal
U.S. stocks fell Thursday, hurt by weakness in the labor market as uncertainty over the coronavirus pandemic continues to weigh on hiring. The S&P 500 dropped 0.8% to 3357. The Nasdaq Composite declined 1.3% to 10910, pushing the tech-heavy index further into negative territory for the month. The Dow Jones Industrial Average snapped a four-day…
U.S. stocks fell Thursday, hurt by weakness in the labor market as uncertainty over the coronavirus pandemic continues to weigh on hiring.
The S&P 500 dropped 0.8% to 3357. The Nasdaq Composite declined 1.3% to 10910, pushing the tech-heavy index further into negative territory for the month. The Dow Jones Industrial Average snapped a four-day winning streak, closing down 0.5%, or 130 points, to 27902.
The declines on Thursday included big technology companies but were broad-based, after stocks had rallied over the past several months. Investors have attributed part of those gains to action from the Federal Reserve in the early days of the pandemic.
Now, they are waiting for clues on what will come next, either on the economy or action from the government.
“We’ve had so many risk-on moves over the past three or four months that I think it’s a little bit of an indictment on where we stand,” said R.J. Grant, director of equity trading at KBW Inc. He said the Federal Reserve had acted swiftly and decisively to aid the economy during the pandemic, but “people are kind of pivoting toward looking to see if Congress can step to the plate here and get something done.”
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