Monday, 6 July 2020

Data Showing 30 Million US Job Losses From COVID-19

(Andrew Kelly/REUTERS/File)

NEW YORK: Wall Street’s main stock indexes were down about 1 percent in Thursday’s early trade after data showed that nearly 30 million Americans have lost their jobs due to the coronavirus (COVID-19) pandemic.

The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, was down 1.

2 percent at 24,327 by 9:32 AM (14:32 GMT). The S&P 500, a barometer for the top 500 US stocks, fell 0.9 percent to 2,913. The tech-heavy Nasdaq Composite slipped 0.2 percent to 8,895.

The drop in stocks came after the Labor Department reported that US job losses from the COVID-19 reached nearly 30 million over the past six weeks, as another 3.8 million Americans filed for jobless claims for the first time last week.

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