Trade concerns drive the S&P 500 and Dow lower in a choppy session
U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy.“It’s one thing to talk about big job losses...but to see it all in one spot, I think that has been some reason for pause,” said Willie Delwiche, investment strategist at Baird in Milwaukee.
“States can declare themselves open all they want. If people aren’t comfortable going out of their houses, then they’re not going to do anything,” Delwiche said. “The evidence of activity resuming is as important as states declaring themselves open.” Occidental Petroleum Corp shares fell 12.5% after the company said it was looking to raise new cash or swap debt for stock, a day after it posted a large first-quarter loss.
Declining issues outnumbered advancing ones on the NYSE by a 2.31-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.
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