Dow Jones snaps 4-day winning streak, closes below 28,000

Economies.com
2020-09-17 22:09PM UTC

US stock indices fell on Thursday, as Dow Jones snapped its 4-session rally, as the tech rout continued.

 

The initial US unemployment claims fell to 860,000 last week, but still lowers than forecasts of 825,000.

 

The building permits reached 147 million, which is also lower than forecasts of 1.51 million, and the housing starts reached 1.42 million units, missing forecasts of 1.47 million.

 

The Democratic presidential candidate Joe Biden said that the superrich in the US have benefited a lot from the tax cuts made by President Donald Trump.

 

While President Donald Trump expressed that his Democratic rival Joe Biden will raise taxes by $4 trillion if he wins the presidential election.

 

To the oil market, WTI October futures at Nymex rose 2% to close at $40.97 a barrel, after hitting a day high of $41.2 and a low of $39.4.

 

Brent November futures rose 2.6% to $43.30 a barrel, with a high of $43.4 and a low of $41.5.         

 

As for stocks, Dow Jones fell 0.5% or 130 points to close at 27,902, after it hit a day high 28,056 and a low 27,647.

 

Nasdaq plunged 1.3% or 140 points to 10,910 points, with a high of 10,974 and a low of 10,783.

 

S&P 500 dropped 0.8% or 28 points to 3,357, with a high of 3,375 and a low of 3,328.

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