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Wall Street Falls at Open as Jobless Claims Rise Unsettles Market; Dow Down 60 Pts

Stock Markets Dec 10, 2020 09:44AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened weakly on Thursday after a sharp rise in initial jobless claims spooked investors who have become more used to a positive narrative about vaccine development and distribution, overlooking the short-term impacts of the pandemic on the economy.

By 9:40 AM ET (1440 GMT), the Dow Jones Industrial Average was down 57 points, or 0.2%, at 30,011 points. The S&P 500 and the Nasdaq Composite were both down 0.3%. 

The Labor Department said earlier that the number of initial jobless claims spiked to 853,000 last week, the highest in nearly three months, a fresh sign of the slowdown hitting the economy as more and more restrictions are placed on business and social life to stop runaway numbers of coronavirus cases. The U.S. notched 3,000 deaths in a single day from Covid-19 for the first time on Wednesday.

The rise in claims is an uncomfortable reminder of Congress's failure to agree a stimulus package to support the economy, despite clear signs for over a month that the pandemic has been gaining in strength, forcing fresh public health measures that inevitably weigh on the economy.

All eyes were focused on the two stocks that have enjoyed blowout IPOs this week. Doordash (NYSE:DASH) stock fell as much as 7.6% at the opening but recovered later to be only 6.4% down, which still leaves it up 80% from its IPO price after a spectacular debut on Wednesday. 

AirBnB stock is due to start trading, having been priced late Wednesday at $68 a share, valuing the rental startup at $47 billion. Some attributed the weakness of the rest of the Nasdaq on Wednesday to investors having to free up space for the two stocks in their portfolios for the two newbies.

Elsewhere, Facebook (NASDAQ:FB) stock continued to struggle, the social media giant losing another 0.7% after the announcement of the latest Department of Justice lawsuit against it alleging a years-long abuse of its market power. Alphabet (NASDAQ:GOOGL), whose Google search business is also increasingly attracting the attention of antitrust regulators, fell 1.3%. 

Advanced Micro Devices (NASDAQ:AMD) stock rose 1.2% after its new graphics card received a hot response from gaming enthusiasts on Wednesday, selling out within a day. 

There was little reaction from news further afield that the European Central Bank had increased the size of its key bond-buying program to stop the pandemic causing a double-dip recession in the euro zone. The ECB will buy up to 500 billion euros ($600 billion) more in bonds, also extending the timeline for purchases by nine months, keeping the program alive through March 2022.

Wall Street Falls at Open as Jobless Claims Rise Unsettles Market; Dow Down 60 Pts
 

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Comments (10)
Zack Harding
Zack Harding Dec 10, 2020 11:10AM ET
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Ye’s connections to the Communist government are extensive and ... Ye was also financially connected to Vice President Biden’s brother, James Biden,” the report says. “Thus, there exists a vast web of corporate connections and financial transactions between and among the Biden family and Chinese nationals.”On Sept. 8, 2017, the report says, Ye’s company announced a $9.1 billion deal to acquire a stake in Rosneft, a Russian state-owned energy company.On that same date, the report adds, Hunter Biden allegedly opened up a line of credit with Gongwen ******** using the business name Hudson West III -- with Hunter Biden, James Biden and James Biden’s wife, Sara Biden, all listed as “authorized users of credit cards associated with the account.”
Zack Harding
Zack Harding Dec 10, 2020 11:10AM ET
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Jail for Hunter/Joe
Thom Miller
Thom Miller Dec 10, 2020 11:10AM ET
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Zack Harding Wacky Zacky is reading too many Trump comic books. Had he bought AAPL at $8 the way I did, he wouldn’t be living on food stamps out of his 1974 VW Bug.
Simone Dozza
Simone Dozza Dec 10, 2020 11:10AM ET
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where falls? only green... i really can't understand this market
SquadW Name
SquadW Dec 10, 2020 11:10AM ET
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why would it fall? value stocks are still 30-40% underpriced....
Thom Miller
Thom Miller Dec 10, 2020 10:45AM ET
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Since Trumpers refuse to take the vaccine (because there is NO virus), Steven Miller is pushing the President to mandate that only Biden voters should get jabbed. And Kellyanne Conway is pushing the President to mandate that only Trump voters should get jabbed, since they supported Trump at the polls. But Biden people don’t trust the efficacy of the vaccine. End result? Only 30 % - 40% of Americans will want to take the vaccine. So the virus will be around for at least another 15 months and $3 Trillion more stimulus money will be needed to save the American (and therefore the world) economy.
Josh Davis
Josh Davis Dec 10, 2020 10:34AM ET
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I love how the article insinuates its the governments lroblem to keep everyone employed. Thats called socialism. Its the governors fault california, and the northeast is shut down due to covid while places like florida, and the southeast remain open. Desantis just requested all positive cases be detailed with the number of cycles needed to throw a positive test. I guess he also reads the science. Good for florida.
Thom Miller
Thom Miller Dec 10, 2020 10:34AM ET
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Trump personally has created the largest federal budget deficit in history and he has imposed the largest and broadest trade tariffs ever. If you look up the word “Socialist” in the dictionary, you’ll see a picture of Donald J. Trump.
Zack Harding
Zack Harding Dec 10, 2020 10:34AM ET
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Thom Miller thats because Trump was/is a fiscal Deomcrat his entire life. He donated much to Clintons. Trump just became focused on America first and socialky conservative values...Since Democrats hate America and want a socialist/marxist regime, they have trashed him since Hilkary made up the Russian Collusion.Enjoy your day Puff Puff
Ashok Major
Ashok Major Dec 10, 2020 10:34AM ET
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If any man can still deny that covid is a serious virus,which kills both young and old,even as the daily death count rises to 3000 a day and hospitals are near capacity,then that person is devoid if common sense!Trump by his arrogance and denial of science is responsible for all american deaths! USA leads the world in both no of cases and deaths! USA only has 4.2% of world population but has 18% of total world covid deaths.As Trump would say we are leading the world.
James Bell
James Bell Dec 10, 2020 10:31AM ET
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vaccine approval will eliminate the need for further stimulus.
perplexed76 .
perplexed76 . Dec 10, 2020 10:15AM ET
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every time they try to stimulate real economy, market gets all erection.
Matt Kay
Matt Kay Dec 10, 2020 10:00AM ET
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Aaaaaand we are green. Quick, change the headline! Can not keep this bubble of a market down even for 30 minutes, because that is how long it took to purge all the "worries"
Mr Doodl
Mr Doodl Dec 10, 2020 9:57AM ET
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the glass is always half full
Matt Kay
Matt Kay Dec 10, 2020 9:48AM ET
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Will be green rallying on vaccine/stimulus/china (take your pick) hopes
perplexed76 .
perplexed76 . Dec 10, 2020 9:47AM ET
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Falls? please, give them a sec
 
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