US stocks slide as biggest jobless-claims surge since March outweighs stimulus expectations

US stocks slide as biggest jobless-claims surge since March outweighs stimulus expectations

Lucas Jackson/Reuters

US stocks ended Thursday lower as investors digested a surge in weekly jobless claims. The reading of 965,000 new unemployment filings represented the biggest increase since March and the highest level since August.The weak jobs report could give fuel to Democrats passing a massive stimulus bill once President-elect biden is inaugurated.Sign up here for our daily newsletter 10 Things Before the Opening Bell.

US stocks ended Thursday lower as investors digested a surge in weekly jobless claims.

Jobless claims surged to 965,000 for the week that ended on Saturday, representing the biggest surge since March and the highest level since August. Economists had expected 800,000 jobless claims for the week.

Consumer confidence also took a hit, according to the Bloomberg Consumer Comfort Index, which fell 1.2 points to 43.2 in the week ended January 10. 

But the weak reading in jobless claims could give Democrats more fuel to pass a massive multi-trillion-dollar stimulus bill to help hasten the economic recovery from the COVID-19 pandemic. 





Here's where US indexes stood at the 4 p.m. ET close on Thursday:

S&P 500: 3,795.54, down 0.4%Dow Jones industrial average: 30,991.52, down 0.2% (69 points)Nasdaq composite: 13,112.64, down 0.1%

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