The Dow Jones started the day with a minimal plus of 0.01 percent at 26,094.92 points. Then, however, the Bren take over. The US leading index has now dropped 2.04 percent to 25,536.09 units.
The Dow remains within the trading range of the past few weeks. This ranges from about 25,000 to 26,600 meters. Highly anticipated figures for US job market were better than expected, but so far have not given the courses a boost.
The market is caught between the support from the central bank and the negative consequences of the corona crisis, traders say. In this mixed situation, new data from the job market are a small ray of hope, which, however, does not cause euphoria. The number of initial applications for unemployment benefits fell somewhat more than expected. It dropped 99,000 to 1.314 million last week. Economists interviewed by Dow Jones Newswires had estimated that 1.388 million Americans would apply for unemployment benefits for the first time. The previous week’s figure was revised slightly down to 1.413 million from 1.427 million.
Before the Corona crisis, the US was almost fully employed. Unemployment has declined slightly since its peak in April, but the number of initial applications for unemployment benefits remains at a high level. This shows that jobs are still being cut despite reinstatements. Economists are concerned that the recovery in the US economy has stalled.
Editorial staff Forex-news.com.net with material from Dow Jones Newswires and dpa-AFX
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