Dow, S&P 500 notch first two-day skid as fiscal stimulus talks fizzle

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Video: Worst is yet to come for the banking sector, Allianz economist says (CNBC)

Worst is yet to come for the banking sector, Allianz economist says
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The Dow and S&P 500 closed lower on Thursday as rising jobless claims and faltering stimulus talks kept a damper on investor enthusiasm. The Dow Jones Industrial Average lost 71 points, 0.2%, to close around 29,998, just below the psychologically significant level at 30,000 while the S&P 500 finished 5 points, or 0.1%, lower at around 3,668. The Nasdaq Composite however, gained about 67 points, or 0.5%, to close near 12,406. The Dow and S&P 500 haven’t logged back to back losses since Nov. 18. Stocks have wobbled this week as Congress spars over another round of fiscal aid, even as the economic damage and human toll from the pandemic continues to mount. On Thursday, new applications for unemployment benefits leapt to the highest level in three months. Shares of Facebook Inc. were down fractionally one day after the federal government and a group of U.S. attorneys general filed antitrust suits against the social-media company. Meanwhile, shares of Airbnb Inc. closed up 113% in its first day of trading, marking one of the best initial public offerings of 2020.

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