S&P 500 ends slightly higher, Dow drops amid spike in pandemic cases, muted data

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S&P 500 ends slightly higher, Dow drops amid spike in pandemic cases, muted data

On Thursday, Wall St. had ended down the day in a dithered regime after multiple sideway movements with S&P 500 winding down the session slightly higher and the Dow paring earlier gains, as investors seemed to be gauging the impacts of a possible resurgence in pandemic cases in China and the United States, while US jobless claims data revealed earlier on the day had botched to convince the investors that the US economy had been en route to a “V” shaped recovery.

If truth is to be told, the downbeat US Jobless claims data released earlier in the day, which had registered over 1.5 million in initial unemployment claims for the thirteenth straight week in a row, had tuned up the tattering tone of Wall St.

on Thursday, while a revival of investors’ awareness on pandemic data had added to further concerns. However, health officials in Beijing was quoted saying earlier on the day that they had concrete evidence the second wave of pandemic in China had been contained before spreading outside the suburbs of Beijing.

US indices range-bound on lack of progress in jobless claims, frets of second layoff wave

As beforementioned, all three key indices of Wall St. were range-bound on Thursday with S&P and Nasdaq Composite managing to end down the session in the black after the US Labour Department had revealed that the initial jobless claims had been dropped by only 58,000 last week to 1.503 million, eventually bolstering the frets of a second wave of layoff as a raft of US companies had been grappling to stay operational amid a sweeping drop in demand.

Citing statistics, on Thursday’s Wall St. closure, the trade-sensitive Dow dropped 0.15 per cent to 26,080.1 and the S&P 500 rose nominally by 0.06 per cent to 3,115.34, while the tech-heavy Nasdaq Composite was nudged 0.33 per cent higher to 9,943.05.

Meanwhile, adding that the big whales remained at the bay awaiting the market’s next right impulse, Horizon Investment Services Chief Executive, Chuck Carlson, said, “The market’s looking for its next big impulse.

There are a lot of impulses in the market for investors to weigh, sift through and take into account to figure out the next direction”.