TORONTO — North American stock markets left back a number of their earlier losses Thursday to finish the trading day comparatively horizontal.
The S&P/TSX composite index inched up 4.63 factors to 16,299.29. It dropped almost 280 points earlier in the afternoon.
In New York, the Dow Jones industrial average drop 225.92 factors to 26,313.65. The S&P 500 index dropped 12.22 factors into 3,246.22, although the Nasdaq composite complex 44.87 factors to 10,587.81.
The Dow Jones dropped greater than 300 points earlier in the afternoon, although the S&P had diminished by greater than 40 and the Nasdaq dropped by roughly 175.
Economic data from this U.S. drove the marketplace losses early Thursday afternoon, said Mike Archibald, vice president and portfolio manager with AGF Investments Inc.
The Labor Department published a report which revealed the 19th consecutive week of over one million individuals applying for unemployment benefits with over 1.4 million Americans employing previous week. Seventeen million individuals are amassing traditional jobless benefits.
“Kind of throws a bit of cold water on how quick the economic restart is and the turnaround that’s happening in the economy,” he stated, imagining market watchers had their attention U.S. gross domestic product statistics, published earlier in the afternoon.
Even the U.S. economy shrank in a 32.9 percent annual rate in the April to June quarter, the worst documented quarterly dip since 1947.
After larger drops at the indicators Thursday morning, “we’ve just been clawing back,” stated Archibald, noting that the trading action has followed a similar fashion over the previous several months.
The Canadian dollar exchanged for 74.45 US in comparison with 74.85 on Wednesday.
The September primitive contract fell US$1.35 into US$39.92 per barrel along with the September natural gas contract fell about 10 pennies to almost US$1.83 per mmBTU.
The December gold contract drop US$9.90 into US$1,966.80 an ounce following times of placing new documents and moving nearer into the US$two,000 an ounce mark.
Archibald imputed the escape in gold to a profit taking.
The September aluminum contract dropped about a cent to US$2.91 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published July 30, 2020.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press
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