Dow dives by nearly 500 points

Business | 9 Jul 2020 11:44 pm

U.S. stocks saw declines gather momentum late-morning Thursday as investors digested a report on jobless claims that showed fewer Americans filed for unemployment benefits for the first time in the most recent week, and the aftermath of a Supreme Court decision that a New York prosecutor could have access to President Donald Trump’s tax returns.

Meanwhile, cases of coronavirus exceeded 12 million globally and the U.S.’s tally surpassed 3 million, even as reopening efforts in many states remained on track, MarketWatch reports.

The Dow Jones Industrial Average fell by about 500 points 1.9 percent, to trade near 25,580, the S&P 500 Index  lost about 48 points, or 1.5 percent, trading near 3,122. The NASDAQ Composite Index relinquished early gains to trade 93 points, or 0.9 percent, lower at 10, 400, after carving out an intraday all-time peak at 10,576.75 earlier Thursday.

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