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Thu May 21, 2020, 10:11 PM

Stocks close lower as total weekly jobless claims top 38 million

Stocks ended lower Thursday as Wall Street assessed the latest weekly jobless claims data and rising tensions between China and the U.S.

The Dow closed down 101 points, or 0.4%, at 24,474. The S&P 500 fell 0.8% to 2,948, while the Nasdaq was down nearly 1% at 9,284.

Amazon shares slid 2.1% after hitting a record high earlier in the session. Netflix closed 2.6% lower, while Alphabet and Apple dipped 0.2% and 0.8%, respectively.

“The economic data today . . . still demonstrates the labor market continues to suffer in the near term,” said Michael Arone, an investment strategist at State Street Global Advisors. “You combine that with rising U.S.-China tensions and what’s been a pretty good week, and that’s your recipe for this market languishing today.”


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