US stocks drop on weak economic data

The major US stock benchmarks fell on Thursday, after the release of weak jobs data , in addition to concerns over the talks for the second stimulus package.

The administration of President Donald Trump administration proposed to the Congress a $1.8 trillion fiscal stimulus package.

However, some Democrats in Congress ruled out voting on the package ahead of the presidential election in November.

Data showed that the initial unemployment claims rose to 898K last week, worse than forecasts of 810K, vs. 845K last week.

As for stocks, Dow Jones fell 0.8% or 245 points to 28,270 as of 15:32 GMT, Nasdaq fell 1.4% or 170 points to 11,600, and S&P 500 fell 1% or 170 to 3,453.