Wall Street trims its gain on unemployment data and rising corona virus cases
Let’s explore the reason for paring gains on Wall Street.
Higher than expected unemployment data disappointed Wall Street.
Surging corona virus cases with California reported its largest ever cases dampened the investors sentiments.
China decision to close parts of Beijing highlights rising corona virus cases.
Stocks in Wall street ends in mix territory in which Dow lost 39.31 points, S&P closed positively with 1.85 points gain and Nasdaq closed with gain of 32.52 points.
China returned the ten missing Army personnel to India after there was meeting among Generals of both side.
Asian markets are trading with mix biased this morning.
SGX Nifty is in negative note this morning.
Why Wall Street Stocks falls in last session of trading?
Around 1.5 million Americans have filled for unemployment claim disappointed the Street. There was expectation that total unemployment claim would be near 1.3 million. Showing a sign of struggling U.S. economy from this pandemic.
Several states in United States are fighting with rising corona virus cases. Arizona experienced highest number of cases in last few days followed by Texas where there is a sudden spike in hospitalization rate. California also reported the highest ever cases. These are not good for the economy at large.
A sudden surged in corona virus cases in U.S. puts investors cautious. The fear of second wave of infection is getting louder. This resulted in paring of gains in U.S. stocks.
China decision to close parts of Beijing highlights rising corona virus cases. This shows all is not well in China and more negative news is expected.