US stocks lost ground on Thursday as grim economic data and mixed earnings prompted investors to take profits at the close of the S&P 500's best month in 33 years, a remarkable run driven by expectations the economy will soon start recovering from crushing restrictions enacted to curb the coronavirus pandemic.
Which pandemic? While the coronavirus shut down the US economy it's been a banner month on Wall Street.The five-week tally of US unemployment claims topped 30 million and consumer spending has plummeted, according to the latest round of dismal indicators providing another snapshot of the crushing economic effects of the widespread shutdown.
The Dow Jones Industrial Average fell 288.14 points, or 1.17 per cent, to 24,345.72, the S&P 500 lost 27.08 points, or 0.92 per cent, to 2,912.43 and the Nasdaq Composite dropped 25.16 points, or 0.28 per cent, to 8,889.55. But there have been 90 negative pre-announcements in the first quarter, compared with 40 positive, and analysts see aggregate S&P earnings dropping by a year-on-year rate of 14.4 per cent in the first three months of 2020, per Refinitiv."On most earnings calls saying this quarter is going to be terrible and they have absolutely no idea what the rest of the year is going to look like," Tuz added. "There are too many uncertainties.
Best month in decades, 30 million unemployed.....
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