March 22, 2021

Weekly

Stocks mixed, Nasdaq recovers losses after tech selloff but posts weekly loss

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Stocks ended mixed on Friday, with the Dow and S&P 500 declining while the Nasdaq recovered some losses from Thursday’s session.

The S&P 500 ended Friday’s session a tick below the flat line and logged its first weekly loss in three weeks. The Dow traded lower by more than 200 points, weighed down by Visa and Nike, the latter of which fell after reporting disappointing quarterly sales results. A day earlier, the Nasdaq slid by 3% for its worst session in three weeks as bond yields resurged. On Friday, the 10-year Treasury yield hovered little changed after reaching its

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Weekly jobless claims rise to 861,000 vs. 773,000 expected

Last week’s initial jobless claims soared to 861,000, despite more states and cities lifting restrictive business measures amid a decline in the number of coronavirus cases. Economists had predicted around 773,000 first-time claims for the week ended Feb. 13. Data for the previous week was revised up to 848,000 from 793,000.

“Total initial claims broke their three-week streak of declining numbers,” said AnnElizabeth Konkel, economist at Indeed Hiring Lab. “The movement of this number is going in the wrong direction, and at 6.7 times higher than the pre-Covid era, magnitude also remains a problem.”

The surprise rise in claims comes

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