S&P 500 dips but index not far from record levels
By Caroline Valetkevitch (Reuters) - The S&P 500 eased in afternoon trading on Thursday after briefly trading above its record closing high level for a second day, with the Dow also falling in the wake of a disappointing forecast from Cisco Systems Inc .
By Caroline Valetkevitch
(Reuters) - The S&P 500 eased in afternoon trading on Thursday after briefly trading above its record closing high level for a second day, with the Dow also falling in the wake of a disappointing forecast from Cisco Systems Inc
The S&P 500 earlier broke above its record closing high of 3,386.15 from Feb. 19. Its intraday record high of 3,393.52 was also set on Feb. 19.
But an 11.6% slump in Cisco Systems Inc
Jobless claims fell below 1 million for the first time since efforts to curb the COVID-19 outbreak in the United States began five months ago.
Initial claims for state unemployment benefits decreased to 963,000 for the week ended Aug. 8, the lowest level since mid-March. But the expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline.
Data last week showed the economy has regained only 9.3 million jobs of the 22 million jobs lost between February and April, indicating a long road to reach pre-pandemic levels.
But Wall Street has recovered most of the trillions in market capitalization lost during the start of the pandemic and the tech-heavy Nasdaq was the first of the three major indexes to hit a record high in June. The Dow remains below its February peak.
"The outlook for earnings in the next few quarters seems to be getting watered down by a lot of big companies," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
"It's making for a sluggish market without a real catalyst to push it up and over the hurdle for good," he said.
The Dow Jones Industrial Average <.DJI> fell 135.44 points, or 0.48%, to 27,841.4, the S&P 500 <.SPX> lost 11.98 points, or 0.35%, to 3,368.37 and the Nasdaq Composite <.IXIC> added 14.74 points, or 0.13%, to 11,026.98.
Markets continue to hold on to hopes the Democrats and the White House can reach agreement on a stimulus package to help the economy recover. Unemployment benefits have been a sticking point in their talks.
The U.S. presidential election is expected to add another layer of uncertainty into markets, with roughly 12 weeks remaining until Election Day.
AMC Entertainment Holdings Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored decliners.
The S&P 500 posted 13 new 52-week highs and no new lows; the Nasdaq Composite recorded 60 new highs and 16 new lows.
(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Arun Koyyur, Uttaresh.V and Tom Brown)
This story has not been edited by Firstpost staff and is generated by auto-feed.
ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.
ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.
By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied