S&P 500 turned positive today despite the worse-than-expected jobless claims by skleb1234
The Dow Jones Industrial Average fell 0.15% on Thursday, while the S&P 500 was up 0.06% and the tech-heavy Nasdaq Composite gained 0.33%.
Stocks initially opened lower, with the Dow down 200 points, on the back of disappointing jobless claims data: Another 1.5 million AmericansEven though claims have fallen dramatically from their peak in March, when 6.9 million people filed in just one week, this week’s data underscores that the economy will not bounce back quickly after the coronavirus pandemic is over.
Investor sentiment has also taken a hit from fears of a resurgence in coronavirus infections across the country: Many states reopening—such as Arizona, Texas, Florida and California—are seeing record numbers of new cases. Parts of the U.S. that have started reopening but are now seeing spikes in new cases are “on the cusp of losing control” over the virus and its spread, former FDA commissioner Dr. Scott Gottlieb“The rally of the past few months may have led to stocks reaching within striking distance of record highs, but investors are struggling to reconcile upward momentum and less optimistic messages about the months ahead,” according to Lindsey Bell, chief investment strategist for Ally Invest.
“That, along with concerns about a second wave of coronavirus and geopolitical tensions, has led to some serious indecisiveness,” she says.“The market thinks the glass is half full rather than half empty,” says Nicholas Sargen, economic consultant at Fort Washington Investment Advisors. “The market is in an optimistic frame of mind, believing that the worst of the coronavirus pandemic has passed. Therefore if any indicator is marginally better than expected that’s all it cares about.
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