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Weekly unemployment applications are 1 million
– S-P 500 about 0.3% below the February record
Indices: Dow off 0.04%, S-P up 0.06%, Nasdaq jumped 0.56% (market opening updates)
August 13 (Reuters) – The Nasdaq Composite rose Thursday as Apple approached $2 trillion in market capitalization, while the S-P 500 and Dow indices remained flat with the knowledge indicating a faltering recovery in the hard labor market.
While the S-P 500 remained within a record of success, the top-notch Dow was hit by a 10.9% drop in Cisco Systems Inc after the first quarter’s corporate revenue and profit forecast was lower than estimated.
The number of Americans claiming unemployment benefits fell to less than a million last week for the first time since the start of the COVID-19 pandemic in the United States, but this is likely due to the expiration of a weekly $600 unemployed supplement that deterred some from filing an application. Request. Claim (is.
Wall Street recovered the peak of the trillions of dollars lost at the start of the COVID-19 pandemic and the high-tech Nasdaq was the first of 3 primary indices to reach a record in June. The Dow Jones is about 5.6% below its February peak.
“We’ve had a great career in the last few weeks, so I think it’s going to be very healthy to see a break, a consolidation here,” said Dan Eye, director of asset and stock allocation at Fort Pitt Capital Group in Harrisburg. Pennsylvania.
Meanwhile, markets continued to expect Democrats and the White House to reach an agreement to make the stimulus to the economy successful at pre-pandemic levels. Unemployment benefits have been a point of friction in their discussions.
“There is definitely an impasse there and it turns out that the market has to have a positive view of stimulus conversations that perfectly matches the way markets look at each of the bottom line: economic recovery, profit recovery, vaccines,” he said. Addition of Fort Pitt Capital Group, Dan Eye.
The U.S. presidential election is also expected to load a layer of uncertainty into the market, with approximately 12 weeks before Election Day.
In 1008 ET, the Dow Jones Industrial Average dropped 10.02 points, or 0.04%, to 2,7966.82, and the S.P.500 rose 2.10 points, or 0.06%, to 3,382.45. The Nasdaq Composite rose 61.59 points, or 0.56% to 1,1073.82.
Apple Inc rose 1.6%, as a report said the iPhone manufacturer is preparing a number of subscription plans for its virtual services. At its current value of approximately $457, the company represents approximately $10 consistent with a percentage consistent with a market capitalization of less than $2 trillion.
AMC Entertainment Holdings Inc. jumped 6.5% after the company announced that it would begin its first phase of theater reopening in the United States starting August 20, covering more than a hundred theaters.
Tapestry Inc fell 1.7% even when it exceeded quarterly estimates.
Emerging nearly equaled the declines of the NYSE and the Nasdaq.
The index recorded five new highs over five weeks and not new lows, while the Nasdaq recorded 29 new highs and 12 new lows. (Report through Ambar Warrick and Medha Singh in Bengaluru; edited through Arun Koyyur and Uttaresh.V)