REUTERS: The S&P 500 and Nasdaq indexes edged lower in choppy trading on Thursday, as a rally fueled by hopes of a post-coronavirus economic recovery fizzled out even with weekly jobless claims dipping below 2 million for the first time since mid-March.
"In this market, you need to be selective and technology continues to be one of our favorite sectors," said Larry Adam, chief investment officer at Raymond James in Baltimore, Maryland. A report from the Labor Department showed new claims for state unemployment benefits totaled 1.877 million for the week ended May 30, down from 2.126 million in the prior week. Economists polled by Reuters had forecast 1.8 million initial claims in the latest week.Focus will now shift to the closely watched employment report for May, due Friday, which is expected to show the unemployment rate rocketing to 19.8per cent, a post-World War Two record.
American Airlines Group Inc jumped 24.5per cent after the airline revealed plans to fly more than 55per cent of its July 2019 domestic capacity and boost its U.S. flight schedule next month.
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