S&P 500 Down 17 points: 1.3 Million More Jobless, Oil Stocks Crashing, COVID Cases Climbing
Bad news across the economy and industries is driving stocks lower today. The S&P 500 Index (SNPINDEX: ^GSPC) is down 17 points, or 0.6% on July 9, following multiple bad pieces of news.
Another 1.3 million Americans filed for employment last week, sending retail stocks, including Kohl's (NYSE: KSS) and Simon Property Group (NYSE: SPG), down 7.3% and 5.5%, respectively. The government's weekly petroleum report showed a massive build in inventories, sending oil stocks, including Hess Corp (NYSE: HES), Apache Corp (NASDAQ: APA), Phillips 66 (NYSE: PSX), and ConocoPhillips (NYSE: COP), down between 5.6% and 7.6%.
Walgreens Boots Alliance (NASDAQ: WBA) reported a loss in its fiscal third quarter, sending shares down 8%. U.S. COVID-19 cases continue to accelerate, with the most new cases on record and the death toll yesterday higher than the prior three days combined.
Source Fool.com
