Mounting virus woes, historic US data shock hit markets

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Wall Street has a fairly gloomy session and European bourses also finish lower on Thursday, July 30, following news of the US economy's stunning contraction and companies' massive losses.

Wall Street also had a fairly gloomy session, with the Dow and S&P 500 finishing solidly lower after the Commerce Department reported the US economy contracted a stunning 32.9% in the 2nd quarter due to business shutdowns.

Republicans want to cut that money and offer businesses that reopen protection if employees become infected. The data "should compel Congress to move swiftly" to provide assistance to unemployed workers and businesses.

Source: News Formal (newsformal.com)

 

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