Jobless claims rise by 2.4 million

spike

Wall Street and much of the Financial District stands empty as the coronavirus keeps financial markets and businesses mostly closed on April 20, 2020 in New York City.

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Dow Jones Industrial Average falls 101 points

Jobless claims rise by 2.4 million

The Labor Department reported Thursday another 2.4 million people filed for unemployment benefits last week. Thursday’s report brings the total number of filings during the pandemic to more than 38 million. The number of continuing claims was at 25.07 million, its highest level on record. “The economic data today … still demonstrates the labor market continues to suffer in the near term,” says one strategist. “You combine that with rising U.S.-China tensions and what’s been a pretty good week, and that’s your recipe for this market languishing today.”

Amazon falls after hitting record, Intel drops

Amazon shares closed lower by 2.05% after hitting an intraday record earlier in the session. Intel led the Dow lower with a 1.77% decline.

What happens next?

Investors will watch out for any new developments on the coronavirus and trade relations between the U.S. and China.

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