S&P 500 Falls 7 Points as Jobless Claims Still Near 1 Million; Congress "Miles Apart" on Stimulus; Cisco Earnings Fall
The S&P 500 Index (SNPINDEX: ^GSPC) lost 7 points, for a small 0.2% decline, on Thursday after the U.S. Department of Labor reported last week's new claims for unemployment. According to the report, 963,000 people filed new applications for unemployment benefits last week, the first time new jobless claims were below 1 million since early March.
Investors didn't particularly view the 20% decline in first-time claimants as being a huge positive. Unemployment claims (and the total number of unemployed, which is still above 15 million) continue to weigh heavily on the economy, and economists fear that employers are no longer just furloughing workers. So while the top-line number is trending lower, the reality that those job losses are becoming permanent is a real concern.
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Source Fool.com
