Wall Street worried about the impact of COVID-19 on the economy

The Dow Jones started with a drop of 0.32% to 29,344.82 points.

Wall Street started off slightly on Thursday, worried about the impact on the economy of the spread of the coronavirus, already visible in mixed indicators.

At 2.40pm GMT, the Dow Jones star index was down 0.32% at 29,344.82 points. The high-tech Nasdaq was down 0.14% at 11,784.77 points and the S&P 500 expanded fell 0.35% to 3555.30 points.

The New York Stock Exchange had ended sharply in the red the day before, shaken by the announcement of the closure of schools in New York due to the resurgence of the COVID-19 epidemic. The Dow Jones fell 1.16%, the Nasdaq by 0.82% and the S&P 500 by 1.16% as well.

“The gas tank that powers the recovery engine is very low right now,” commented Patrick O’Hare of Briefing.com, comparing the market to a vehicle that “now obeys speed limits and drives with caution as if he were in a school zone ”.

Wall Street had broken records at the start of the week, optimistic about the coming of vaccines.

But on Thursday, the labor department said jobless claims rose sharply last week in the United States, as several states and cities across the country imposed new restrictions amid the surge in COVID-19 cases. .

Some 742,000 people registered as unemployed between November 8 and 14, compared to 711,000 unemployed last week.

Moreover, in the highly industrial region of Philadelphia, manufacturing activity slowed down even if it remains positive. The activity indicator measured by the American Central Bank (Fed) lost 6 points to fall to 26.3. Analysts, however, expected worse.

At the start of the morning, the eleven sectors of the S&P 500 were in the red, from banks (-0.47%) to health services (-0.43%) to information technology (-0.47 %).

The Macy’s department store chain lost more than 4% after the announcement of weak results in the third quarter, although better than expected.

In the bond market, the rate on 10-year US Treasuries fell, a sign of investor interest in an asset known to be secure in its yields. It stood at 0.8521% against 0.8701%.

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