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US markets end lower on Thursday

01 Oct 2021 Evaluate

The US markets ended lower on Thursday. The notable weakness that has emerged on markets comes on the final day of what has already been a disappointing month for stocks. Traders were keeping an eye on Washington after Senate Majority Leader Chuck Schumer, D-N.Y., announced an agreement on a stopgap spending bill to avoid a government shutdown. The proposed legislation, which would fund the government through December 3rd, also includes spending on hurricane relief and Afghan refugee resettlement. Schumer said the Senate would vote on the legislation later today, although the bill would still need to pass the House before a midnight deadline.

On the economic data front, economic growth in the US accelerated by slightly more than previously estimated in the second quarter, the Commerce Department revealed in revised data released. The Commerce Department said real gross domestic product shot up by 6.7 percent in the second quarter compared to the previously reported 6.6 percent spike. Street had expected the jump in GDP to be unrevised. The upwardly revised GDP growth in the second quarter reflects a modest acceleration from the 6.3 percent surge seen in the first quarter. Besides, first-time claims for US unemployment benefits unexpectedly increased for the third straight week in the week ended September 25th, according to a report released by the Labor Department. The report said initial jobless claims edged up to 362,000, an increase of 11,000 from the previous week's unrevised level of 351,000. The uptick surprised participants, who had expected jobless claims to dip to 335,000.

Dow Jones Industrial Average dropped 546.8 points or 1.59 percent to 33,843.92 the Nasdaq fell 63.86 points or 0.44 percent to 14,448.58 and S&P 500 was down by 51.92 points or 1.19 percent to 4,307.54.

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