Though they have since moved from earlier lows, stocks declined in intraday trading on Thursday as investors weighed a delay to a U.S. relief package and a surge in coronavirus cases across the globe against solid earnings reports.
The number of Americans applying for first-time jobless benefits registered a surprise dip last week, falling below 800,000 for the first time since the coronavirus pandemic began to impact the U.S. economy and jobs market. Revisions to California's jobless claim numbers were partially behind the drop.
Stocks finished lower Wednesday as U.S. lawmakers continued to negotiate the terms of a stimulus plan for the ailing U.S. economy but investors doubted the legislation would be signed before Election Day.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were reported to have made progress in their negotiations and are expected speak again Thursday. Whatever plan they hatch, however, will face a Senate reluctant to approve a proposed package of about $2 trillion.
Jim Cramer said that at the end of the day, the talks may simply be a "ploy, fooling Wall Street traders." Cramer said it's time investors get over it and start buying stocks.
Here are the names Cramer is looking at with or without stimulus:
Denting sentiment also were a surge in coronavirus cases in Europe and a two-month high for Covid-19 hospitalizations in the United States.
Accusations against Iran and Russia from the U.S. about election interference also raised fears about political instability leading into the Nov. 3 presidential election.
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