Stocks Slump Thursday on Coronavirus Fears, Rising Jobless Numbers

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All major indexes ended the day lower Thursday as tech stocks slumped and as investors grow increasingly wary over the spike in coronavirus cases. Adding to the negative headlines Thursday, jobless claims rose for the first time in months.

The Dow was down 1.31%, the S&P 500 1.23%, and the Nasdaq 2.29%.

Major tech companies like Moderna, Citrix Systems, and Microsoft saw their stocks down 9.5%, 13%, and 4.4%, respectively. Gold and silver prices rose, a strong risk-off signal. 

Meanwhile, the U.S. has close to four million cases of the coronavirus, according to data from Johns Hopkins. California recorded 12,000 cases and 155 deaths Wednesday. The state’s total—which is currently at 422,000—has surpassed the total of New York, which was the epicenter of the virus outbreak in the U.S. at the beginning of the pandemic.

The Labor Department said that 1.4 million Americans filed jobless claims for the week ended July 18, up from a revised 1.3 million claims the week earlier. Economists polled by FactSet had been expecting 1.3 million claims up to last Saturday.

The numbers mark the 18th straight week in which initial claims have rung in by more than 1 million.

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