Stocks open low on Wall Street following more dire data
Stocks are off to a weak start on Wall Street as investors got little encouragement from the latest reports highlighting the damage the coronavirus lockdowns have been inflicting on the economy.
The S&P 500 index fell 0.5% in early trading Thursday.
Bond yields fell. The U.S. economy shrank at a 5.0% rate in the first quarter, but a much worse decline is expected in the current three-month period.
Also another 1.5 million laid-off workers applied for unemployment benefits last week, however that’s the 12th straight drop and a sign that layoffs are slowing but are still at a painfully high level.
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