US: Stocks open sharply lower amid worries over economy, virus

[NEW YORK] Wall Street stocks opened sharply lower Thursday after another spike in US jobless claims amid worries over rising coronavirus cases in some states that have reopened their economies.

About five minutes into trading, the Dow Jones Industrial Average stood at 26,212.99, down 2.9 per cent.

The broad-based S&P 500 shed 2.5 per cent to 3,110.73, while the tech-rich Nasdaq Composite Index fell 2.1 per cent to 9,808.67.

The Nasdaq has closed at records the last three days following a major rally in US stocks since plunging in March, which some analysts believe has overestimated the likely economic rebound following coronavirus shutdowns.

AFP

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