Stock market today
A lower close for the US stock market today. Major stock indexes fell, small-cap stocks outperformed. The closing numbers for the US stock market today follow:
S&P 500: 4,493.28,-20.79(-0.46%)
Dow 30: 34,879.38,-151.69(-0.43%)
Russell 2000: 2,253.77,+4.04(+0.18%)
Stock market news
“Stocks fell on Thursday, with Wall Street logging a 4th consecutive day of losses, as investors struggled to reconcile a still-hot jobs market with soaring COVID-19 infections that have blunted the economy’s momentum.
The Dow Jones Industrial Average and S&P 500 Index have now retreated four days in a row, but the technology-laced Nasdaq has only fallen for two consecutive days. Investors have been in a foul mood since August’s jobs data fell far short of market expectations last week, and tempered hopes for the fourth quarter.
Separately, however, Labor Department data showed that open jobs hit yet another series record, with workers quitting their jobs en masse, and nearly 11 million positions unfilled. On Thursday, new jobless claims set a new pandemic era low at 310,000, temporarily allaying fears about the economy.
“We’re transitioning from a very early cycle environment in which growth was super charged coming out of the recession last year…” PIMCO managing director and portfolio manager Erin Browne told Yahoo Finance Live on Thursday. “We’re still in a very good spot in the economy and…in terms of corporate profitability and the outlook for it.”
However, investors are trying to calibrate a jobs market that remains historically hot against growth that’s clearly losing momentum, based on the resurgence of COVID-19 infections led by the Delta variant.
The U.S. economy “downshifted slightly” in August as concerns grew over how the renewed surge of coronavirus cases would affect the economic rebound, the Federal Reserve said on Wednesday in its latest Beige Book.
The latest labor market reads contrast sharply with August payrolls, which showed the economy creating a relatively slim 235,000 new positions, and stoked speculation that the Federal Reserve’s Open Market Committee (FOMC) could alter its timetable for scaling back its stimulative bond-buying, which has propped up investor confidence.”