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  3. US markets end lower amid uncertainty about new stimulus bill

US markets end lower amid uncertainty about new stimulus bill

16 Oct 2020 Evaluate

The US markets ended lower on Thursday amid uncertainty about a new stimulus bill after Treasury Secretary Steven Mnuchin suggested that a new relief package is not likely to pass before next month's elections. Senate Majority Leader Mitch McConnell has also cast doubts on whether a bill can pass before the elections and recently announced plans to vote on a more limited relief package. Further, sentiments were also weak as rising coronavirus cases, especially in Europe, resulted in new restrictions on businesses and travel. Besides, Selling pressure was also generated in reaction to a Labor Department report showing an unexpected increase in first-time claims for US unemployment benefits in the week ended October 10th. The report said initial jobless claims climbed to 898,000, an increase of 53,000 from the previous week's revised level of 845,000. Street had expected jobless claims to edge down to 825,000 from the 840,000 originally reported for the previous week.

Meanwhile, growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report. The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September. While a positive reading still indicates growth in regional manufacturing activity, street had expected the index to show a much more modest drop to 15.0. The bigger than expected decrease by the headline index came even though the new orders index climbed to 12.3 in October from 7.1 in September and the shipments index rose to 17.8 from 14.1. The number of employees index also increased to 7.2 in October from 2.6 in September, indicating an acceleration in the pace of job growth. The report also said the prices paid index crept up to 27.8 in October from 25.2 in September, while the prices edged down to 5.3 from 6.5.

Dow Jones Industrial Average lost 19.8 points or 0.07 percent to 28,494.2, Nasdaq fell 54.86 points or 0.47 percent 11,713.87 and S&P 500 was down by 5.33 points or 0.15 percent to 3,483.34.

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