US Stock Market Overview – Stocks Close Mixed as Nasdaq Continues to RallyJobless claims rise less than expected
US stocks were mixed on Thursday as the Nasdaq continue to rally but the Dow and S&P 500 declined. Most sectors in the S&P 500 index were lower, led down by declines in Energy and Financials, technology shares bucked the trend. Amazon continued to rip higher rising 3%, after initially falling early in the trading session. As concerns over the reclosure of some states economies rise, Amazon has continued to outperform. Jobless claims came out better than expected showing that the US jobs market is stabilizing. Stocks declined mid-day following a ruling from the US supreme court that will allow the Manhattan DA to enforce a subpoena for criminal activity.
Jobless Claims Rise Less than Anticipated
The Labor Department reported that weekly jobless claims were lower than expected last week. Claims for the week ended July 4 totaled 1.314 million, compared with the 1.39 million expected. The total marked a decrease of 99,000 from a week earlier. The four-week moving average of claims, fell 14,000 to 1.43 million. Continuing claims fell sharply, dropping 698,000 from a week earlier to 18.06 million. The previous week’s total itself was revised down by 530,000. Wall Street had been expecting 18.9 million continuing claims.
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Court Say Trump Documents Must Be Released for Criminal Activity
The Supreme Court announced on Thursday that the New York district attorney could enforce a subpoena for President Trump’s financial and tax records. They also reported that the decision to allow Congress access needed to be returned to a lower court. The decisions at the supreme course were both on 7-2 votes on Thursday send the cases back to lower courts, where Mr. Trump can raise additional objections to the subpoenas. The rulings put off, likely until after the November election, the attempts to explore Mr. Trump’s finances.