stock market dips amid global stocks retreat on second wave fears
stocks fell this morning as spiking coronavirus cases in some US states and
China crushed hopes of a quick global economic comeback from the pandemic.
“It is a big shock to markets that China, which appears to have
successfully quashed the disease, is seeing a second wave. And in the US we see
record cases in many states,” said Norihiro Fujito, chief investment strategist
at Mitsubishi UFJ Morgan Stanley Securities.
“All this suggests that the more you re-start the economy, the
more infections you have. People have thought the economy will quickly recover
in July-September after dismal April-June. But that is now becoming uncertain.”
second wave of layoffs amid weak demand and fractured supply chains is likely
keeping new US applications for unemployment benefits elevated, supporting
views that the economy faces a long and difficult recovery from the COVID-19
Labor Department’s weekly jobless claims report on Thursday, the most timely
data on the economy’s health, is expected to sketch a picture of continued
labor market distress even though employers hired a record 2.5 million workers
in May as businesses reopened after shuttering in mid-March to slow the spread
are still collecting unemployment checks. Federal Reserve Chair Jerome Powell
told lawmakers this week that “significant uncertainty remains about the timing
and strength of the recovery.” The economy fell into recession in February.
11th straight weekly drop would push claims further away from a record 6.867
million in late March. Still, claims would be roughly double their peak during
the 2007-09 Great Recession.
“People will say claims are coming down, but for an economy that
is reopening, that is a huge number,” said Steven Blitz, chief U.S. economist
at TS Lombard in New York.
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