Wall St. slides on grim jobless data, set for best month in decades [Reuters]
Meta Platforms, Inc. - Class A (FB)
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Source: Reuters
Wall St. slides on grim jobless data, set for best month in decades (Reuters) - Wall Street’s main indexes fell on Thursday after a strong month of gains as millions of more Americans applied for jobless claims, taking the shine off a strong rally this month and eclipsing upbeat results from Facebook and Tesla. All 11 S&P 500 sector indexes were trading lower, with financials .SPSY, materials .SPLRCM and utilities .SPLRCU leading declines. Dramatic U.S. stimulus and hopes of a revival in business activity as states reopen from lockdowns have powered a Wall Street rally in April, putting the S&P 500 .SPX and Dow Jones index .DJI on course for their best months since 1987. But investors remain cautious of the pace of the recovery from a looming recession, with economic indicators underlining the extent of the damage already done. The Labor Department’s report showed initial jobless claims totaled 3.84 million for the week ended April 25, a day after data confirmed the biggest contractio
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