• Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
Friday, January 22, 2021
Informed American Today
No Result
View All Result
  • Breaking News
  • Politics
  • Business
  • Economy
  • Stock Market
  • Editor’s Choice
  • Breaking News
  • Politics
  • Business
  • Economy
  • Stock Market
  • Editor’s Choice
No Result
View All Result
Morning News
No Result
View All Result
Home Breaking News

Dow Falls as Bulls Take Breather After Record Run to 30,000

by
November 25, 2020
in Breaking News
0
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Japan stands firm on Tokyo Olympics schedule, denies report of cancellation

Oil prices fall as China’s surging COVID-19 cases trigger clampdowns

imageStock Markets1 hour ago (Nov 25, 2020 04:03PM ET)

(C) Reuters

By Yasin Ebrahim

Investing.com – The Dow slipped Wednesday, after a record surge a day earlier, as a wobble in the jobs market in the wake of rising Covid-19 cases prompted investors to hit pause on value stocks.

The Dow Jones Industrial Average fell 0.58%, or 173 points, after closing above the 30,000 level on Tuesday. The S&P 500 was down 0.14%, while the Nasdaq Composite added 0.47%.

The U.S Labor Department reported that 778,00 people filed for unemployment insurance, up 30,000 from the prior week’s 748,000, and well above expectations for 730,000 claims.

That was the second-consecutive week of rising claims for the first time since July 25, suggesting the impact of new restrictions in the parts of the U.S. and a lack of stimulus are taking a toll on the labor market.

“Stay-at-home measures, school closures, and limitations for businesses to operate are going to lead to more layoffs over the winter. It is going to get worse before it gets better,” Jefferies (NYSE:JEF) said in a note.

The weaker jobs data arrived on the heels of data showing personal spending and durable goods orders increased more than expected, but some warn the impact of rising infections will likely keep a lid on the pace of the recovery.

“Cooler temperatures, which shuttered outdoor venues, a drop in unemployment benefits and a jump in COVID cases put a damper on spending and confidence,” said. Diane Swonk, Senior Economist at Grant Thornton.

The slew of data prompted investors to hit pause on value stocks, which tend to move in tandem with the pace of the economy.

Industrials, financials and energy traded in the red, though losses in the latter were kept in check by a climb in oil prices.

Oil price rose more than 1% on data showing an unexpected draw in U.S. weekly inventories.

The malaise in value, however, was not mirrored in growth stocks as investors tech racked up gains, with Apple (NASDAQ:AAPL) up nearly 1% on expectations for strong demand for its products ahead of the Holiday season.

“With more order activity kicking in over the last few weeks for iPhone 12 our initial reads are very bullish and give us incremental confidence in our supercycle thesis on iPhone 12,” Wedbush analyst Daniel Ives said in a note.

On the monetary policy front, investors digested the minutes from the Federal Reserve’s November meeting, showing that policymakers were preparing to change tact on bond purchasing.

“Many participants judged that the Committee might want to enhance its guidance for asset purchases fairly soon,” the minutes said. “Most participants judged that the guidance for asset purchases should imply that increases in the Committee’s securities holdings would taper and cease sometime before the Committee would begin to raise the target range for the federal funds rate.”

In other news, Slack Technologies Inc (NYSE:WORK) jumped 37% on reports it had talks with Salesforce (NYSE:CRM) over a possible sale.

Dow Falls as Bulls Take Breather After Record Run to 30,000

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Posts

Japan stands firm on Tokyo Olympics schedule, denies report of cancellation
Breaking News

Japan stands firm on Tokyo Olympics schedule, denies report of cancellation

January 22, 2021
Oil prices fall as China’s surging COVID-19 cases trigger clampdowns
Breaking News

Oil prices fall as China’s surging COVID-19 cases trigger clampdowns

January 22, 2021
Dow Flat, Still Close to Record High on Apple-Led Boost in Tech
Breaking News

Dow Flat, Still Close to Record High on Apple-Led Boost in Tech

January 22, 2021
Home Sales, Earnings, IPOs: 3 Things to Watch
Breaking News

Home Sales, Earnings, IPOs: 3 Things to Watch

January 22, 2021
Breaking News

S&P, Nasdaq close at record highs on optimism about Biden stimulus plan

January 22, 2021
Dow Ends Flat as Energy Slip Offsets Tech Strength
Breaking News

Dow Ends Flat as Energy Slip Offsets Tech Strength

January 22, 2021
Next Post
U.S. rejects permit for Alaska’s Pebble mine, company vows appeal

U.S. rejects permit for Alaska's Pebble mine, company vows appeal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

An incident known as ‘bathroomgate’ left some Coinbase employees feeling ‘targeted,’ say former workers. It’s the kind of fight CEO Brian Armstrong wants to avoid.

An incident known as ‘bathroomgate’ left some Coinbase employees feeling ‘targeted,’ say former workers. It’s the kind of fight CEO Brian Armstrong wants to avoid.

October 3, 2020
These custom sleeper cabs are like luxurious tiny homes for long-haul truckers — see inside

These custom sleeper cabs are like luxurious tiny homes for long-haul truckers — see inside

September 20, 2020
Disgusting, female Secret Service Agents Had to be Protected From BIDEN!!

Disgusting, female Secret Service Agents Had to be Protected From BIDEN!!

May 11, 2020
Political Correctness at ALL Costs – Even Lost Lives

Political Correctness at ALL Costs – Even Lost Lives

March 23, 2020

Snowflake salaries revealed: From $69,000 to $215,000 a year, here’s how much the $12 billion unicorn pays its employees

September 15, 2020

EDITOR'S PICK

Airbnb partners with Brazil virus hotspot Sao Paulo on post-pandemic tourism

Airbnb partners with Brazil virus hotspot Sao Paulo on post-pandemic tourism

June 13, 2020
China must guard against rebound in shadow lending: regulator

China must guard against rebound in shadow lending: regulator

August 16, 2020

FedEx Beats Earnings in Q3, but Pulls Guidance on Covid-19 Uncertainty

March 18, 2020
Co-founders of major cryptocurrency trading platform BitMEX are charged with violating the US Bank Secrecy Act

Co-founders of major cryptocurrency trading platform BitMEX are charged with violating the US Bank Secrecy Act

October 2, 2020

Disclaimer: InformedAmericanToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 Informed American Today. All Rights Reserved.

No Result
View All Result
  • Breaking News
  • Politics
  • Business
  • Economy
  • Stock Market
  • Editor’s Choice

Copyright © 2020 informedamericantoday.com. All Rights Reserved.