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Rising Infections, Weak US Jobs Data Brake Markets

Rising Infections, Weak US Jobs Data Brake Markets
folder_openUnited States access_time3 years ago
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By Staff, Agencies

European and US stock markets posted mixed results Wednesday as dealers tried to quantify the impact of a rise in coronavirus infections around the world.

Worse-than-expected US jobless claims data reinforced a generally downbeat mood.

Wall Street soared on Tuesday, with the Dow closing above 30,000 points for the first time ever, but it was back below that level on Wednesday.

Oil prices continued their ascent towards $50 per barrel on vaccine hopes, while the dollar slipped against the euro and yen.

Investors were set to read a trifecta of US economic data ahead of the Thanksgiving break, namely US Federal Reserve minutes, the disappointing jobless claims and the latest estimate of third-quarter economic growth.

US markets will be closed Thursday for the Thanksgiving holiday.

New applications for jobless aid marked their second straight weekly increase at 778,000 which fueled concerns that a renewed economic downturn is beginning.

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