Stocks ended in negative territory on Thursday after another bleak report on US unemployment. The Dow fell 68 points to 30,991, the S&P 500 fell 14 points to 3,795, and the Nasdaq fell 16 points to 13,112. The modest declines came after the Labor Department reported that 965,000 more workers filed for unemployment benefits last week, reports the AP. That's up from the previous week's figure of 784,000. However, the bad news was tempered by continuing optimism that Joe Biden will move quickly on additional COVID stimulus relief once he's in office.
“A bleaker-than-expected jobs report translates into a greater likelihood for a full-throated stimulus package, which perversely acts as a tailwind for the market,” says Mike Loewengart of E-Trade Financial. The president-elect was expected to reveal details Thursday evening, notes CNBC. Biden could announce a stimulus package as large as $2 trillion, including money for additional direct payments to individuals, increased unemployment coverage, and support for local governments.
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