News24
29 Oct 2020, 20:12 GMT+10
Wall Street stocks were mostly higher early Thursday as investors weighed better US economic data against worries about the coronavirus and unease over the upcoming US presidential election.
After sustaining big declines on Wednesday, US equity indices were choppy just after trading opened after the US reported a historic jump in third-quarter growth following a worst-ever decline in activity in the prior quarter.
About 20 minutes into trading, the Dow Jones Industrial Average was at 26 456.86, down 0.2%.
The broad-based S&P 500 added 0.2% at 3 277.88, while the tech-rich Nasdaq Composite Index gained 0.6% to 11 070.29.
The Commerce Department reported that the US economy expanded at a 33.1% annual rate in the third quarter, following a 31.4% drop in the prior quarter.
The gain, a bit better than analyst expectations, was driven by a surge in spending by consumers and businesses that analysts fear could erode with the absence of additional fiscal support from Washington as the US contends with the hit from Covid-19.
In other data Thursday, new applications for US jobless benefits fell to 751 000 for the week ended October 24, which was better than expected but still well above historical norms.
"The resurgence in Covid-19 infections and failure to pass additional fiscal relief pose considerable downside risk to the economy," said Nancy Vanden Houten of Oxford Economics.
The US data came one day after France and Germany announced new restrictions in response to spikes in coronavirus infections.
Investors also are contending with a busy week for earnings reports, with releases later in the day from tech giants Apple, Amazon, Alphabet
Markets are also girding for a potentially messy US election next week, with polls suggesting the possibility of a split control over the main branches of government that could limit Washington's ability to enact fiscal stimulus measures to boost the economy.
Get a daily dose of Long Beach Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Long Beach Star.
More InformationGOODLETTSVILLE, Tennessee: Dollar General reported record sales of US$10.44 billion for the latest quarter and raised its full-year...
THE HAGUE - The International Criminal Court (ICC) has strongly condemned the United States for imposing sanctions on four of its judges,...
LOS ANGELES, California: As obesity rates among American teenagers climb to historic levels, more families and doctors are cautiously...
SOUTH BURLINGTON, Vermont: Beta Technologies has become the first U.S. company to land an all-electric aircraft at an airport in the...
WASHINGTON, D.C. Forget bucket lists; this summer, it's all about budget lists. Amid economic uncertainty and a weaker dollar, Americans...
MENLO PARK, California: As artificial intelligence demands explode, Big Tech is turning to an old source for new power: nuclear energy....
BEIJING, China: The public security bureau in Guangzhou, a city in China, has announced a secret reward for more than 20 people it...
THE HAGUE - The International Criminal Court (ICC) has strongly condemned the United States for imposing sanctions on four of its judges,...
LOS ANGELES, California: As obesity rates among American teenagers climb to historic levels, more families and doctors are cautiously...
BERLIN, Germany: Germany has taken its first significant fiscal step to jumpstart its slowing economy. This week, the cabinet approved...
ISLAMABAD, Pakistan: Pakistan's army said on June 4 that its security forces raided a militant hideout and killed 14 insurgents during...
NEW YORK CITY, New York: The United Nations General Assembly has elected five countries to join the Security Council starting January...