Wall Street falls as tech sells off again, jobless claims still high
U.S. stocks fell on Thursday as technology-related shares slid for a second day and as government data showed high levels of weekly jobless claims.
Adding to concerns about a stalling recovery, the Labor Department’s report showed that while fewer Americans filed new claims for unemployment benefits last week, the number remained perched at extremely high levels.
The Dow Jones Industrial Average .DJI fell 130.4 points, or 0.47%, to 27,901.98, the S&P 500 .SPX lost 28.48 points, or 0.84%, to 3,357.01 and the Nasdaq Composite .IXIC dropped 140.19 points, or 1.27%, to 10,910.28.
“Investors love when the Fed lowers rates, because they feel that’s good for market,” Dollarhide said. “But if the Fed says we need to keep rates low for longer, then people start worrying about the economy itself.”
Reference: Reuters, CNBC
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