Stocks fell on a mixed batch of corporate earnings and economic data.
 | THU, JUL 16, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | BA | 178.70 | -9.24 | -4.92% | | MSFT | 203.92 | -4.12 | -1.98% | | AAPL | 386.09 | -4.81 | -1.23% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | F | 6.86 | +0.12 | +1.78% | | AAL | 12.45 | -0.99 | -7.37% | | BAC | 23.93 | -0.67 | -2.72% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 12.45 | -0.99 | -7.37% | | UAL | 34.49 | -1.88 | -5.17% | | AMD | 54.92 | -0.42 | -0.76% | |
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For all the hopes pinned on economic recovery, the number of people lining up for unemployment benefits remains stubbornly high. Initial jobless claims were higher than expected on Thursday and marked the 17th week this closely watched report came in at more than 1 million. "There are clear signs that the longer-term damage is beginning to mount," wrote Michael Pearce, senior U.S. economist at Capital Economics.  On the other hand, retail sales numbers on Thursday showed a 7.5% jump in June, marking a healthy V-shaped recovery for the sector. However, CNBC's Patti Domm writes that this upswing may not prove all that resilient as high unemployment persists and coronavirus cases continue to rise. The major indexes were all down Thursday, as the Big Tech issues driving much of the rebound stalled. Perhaps the market has gone about as far as it can go, for now. "The market is in need of a health-care solution, as the economy was forced to shut down for a health-care issue," said Nate Fischer, chief investment strategist at Strategic Wealth Partners. "So far, we've had fiscal and monetary assistance to this problem. Until a real medical remedy is found, the market will remain volatile." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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