S&P 500 closes down, snapping four-day rally

REUTERS: The S&P 500 lost ground on Thursday as investors took profits in advance of Friday's jobs report, ending a four-day rally driven by rising economic sentiment.Advertisement"We were pretty overvalued going into this week," said Chris Zaccarelli, chief investment officer, Independent Advisor Alliance, Charlotte, NC."It's not surprising to see a pullback."

Economic data showed the number of Americans filing for unemployment benefits dipped below 2 million for the first time since mid-March, and plummeting international commerce resulted in a net widening of the U.S. trade gap.Friday's much-anticipated jobs report from the Labor Department is expected to show the U.S. unemployment rate sky-rocketing to a historic 19.7per cent.

Its American counterpart, the U.S. Federal Reserve, is due to meet next week for its two-day policy meeting. American Airlines Group Inc announced it would beef up its flight schedule in July to 55per cent of its year-ago capacity as the U.S. economy reopens, sending its shares soaring 41.2per cent. The Department of Justice gave anti-trust approval for Charles Schwab Corp's purchase of TD Ameritrade Holding Corp, sending their shares up 5.5per cent and 9.0per cent, respectively.

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