S&P, Nasdaq finish lower, ending rally ahead of jobs report

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NEW YORK (AFP) - Wall Street stocks finished mostly lower on Thursday (June 4), ending a rally after weekly labour data showed another spike in unemployment ahead of the official May jobs report.. Read more at straitstimes.com.

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NEW YORK - Wall Street stocks finished mostly lower on Thursday , ending a rally after weekly labour data showed another spike in unemployment ahead of the official May jobs report.The broad-based S&P 500 fell 0.3 per cent to 3,112.35, while the tech-rich Nasdaq Composite Index shed 0.7 per cent to 9,615.81.

The figures were a grim omen for Friday, when the Labour Department releases the all-important May jobs report that will likely show national unemployment increasing to closer to 20 per cent from 14.7 per cent in April, the highest unemployment rate in 90 years. The European Central Bank surprised with a bigger-than-expected boost to their pandemic emergency bond-buying scheme, adding €600 billion and extending it until mid-2021.

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