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Wall Street drops at open as data signal recovery


The Wall Street sign is seen outside the New York Stock Exchange, March 26, 2009. — Reuters pic
The Wall Street sign is seen outside the New York Stock Exchange, March 26, 2009. — Reuters pic

NEW YORK, Nov 24 — US stocks opened lower today as the government released a flood of data that showed a big drop in new unemployment filings and weaker-than-expected orders of big-ticket manufactured goods.

Stealing the spotlight was a Labour Department report showing new unemployment claim filings fell last week to below where they were before the Covid-19 pandemic and also to their lowest level in decades, though analysts believe that is a consequence of the data’s seasonal adjustment.

The Commerce Department said durable goods orders dropped for the second straight month in October, but the report showed much of that was caused by weakness in the aviation sector, while other manufacturers were stronger.

Patrick J. O’Hare of Briefing.com said that “worries about a potentially more aggressive Federal Reserve have impacted sentiment,” as the central bank could take the generally positive data as a signal to more quickly end the stimulus that has underpinned markets’ rise.

About 15 minutes into trading, the benchmark Dow Jones Industrial Average was down 0.5 per cent at 35,645.21.

The tech-rich Nasdaq Composite Index lost 1.1 per cent to 15,601.93, while the broad-based S&P 500 lost 0.6 per cent to 4,661.84. — AFP



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