Wall Street Close: US benchmarks end the day mixed
- Dow Jones Industrial Average lost 218.45 points, or 0.9%.
- S&P 500 gave back 20.02 points, or 0.7%.
- The Nasdaq Composite added 45.27 points, or 0.5%.
US benchmarks ended the day mixed following data which reminded markets how unemployment has skyrocketed in the US with data that showed how there was a collapse in private-sector employment in April. The Dow Jones Industrial Average snapped a winning streak and was down by 200 points into the close, setting the scenes for a possible run of negative days as news flows weigh into the Nonfarm Payrolls on Friday.
US April ADP private-sector jobs fell 20.23m with manufacturing jobs falling 4m, while services jobs dropped 16m. The data was largely mirroring the rise in initial jobless claims over the month up until April 12. This comes ahead of this Friday's Non-farm payrolls. Expectations are job losses of 21.3m with unemployment expected to have risen to 16% from 4.4% in March.
Meanwhile, the Dow Jones Industrial Average lost 218.45 points, or 0.9%, to finish at 23,664.64 while the S&P 500 gave back 20.02 points, or 0.7%, to end at 2,848.42. The Nasdaq Composite added 45.27 points, or 0.5%, to close at 8,854.39, only 1.3% off for the year to date.
Attention remains focused on economies re-opening
Analysts at ANZ Bank explained that attention remains focused on economies re-opening. "German Chancellor Merkel announced further relaxation in restrictions. US President Trump is also raising pressure for US states to relax measures, as some already are beginning to. Markets are trading on a very optimistic outlook, but some senior Fed officials appear much more cautious, highlighting risks of a financial crisis and depression if lockdowns continue deep into H2. China is reportedly considering dropping its growth target this year, given the dire outlook."
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