NEW YORK (Reuters) – U.S. stocks lost ground on Thursday as grim financial data and combined incomes prompted financiers to take earnings at the close of the S&P 500’s best month in 33 years, a remarkable run driven by expectations the economy will soon begin recuperating from squashing restrictions enacted to curb the coronavirus pandemic.
While risk-off selling pulled all 3 major U.S. stock averages into the red, the S&P 500 and the Dow published their largest monthly percentage gains considering that January 1987, with the Nasdaq having its best month given that June2000
The 3 indexes stay well within 20%of record highs reached in February, having quickly rebounded considering that shutdown efforts to suppress the spread of the coronavirus pandemic brought the economy to a grinding stop.
The five-week tally of unemployment claims topped 30 million and consumer costs has actually plummeted, according to the current round of miserable indicators offering another snapshot of the crushing financial effects of the widespread shutdown.
” We’ve had a tremendous run but we’ve had the worst economic information given that the Great Depression,” said Paul Nolte, portfolio supervisor at Kingsview Property Management in Chicago. “Service and profits m