CNBC
CNBC

Rally pauses | Job losses continue | Facebook work-from-home plans

Email sent: May 21, 2020 4:25pm

Is this your brand on Milled? You can claim it.

Stocks slipped slightly following another grim jobless claims report and rising tensions with China.

VIEW IN BROWSER | SUBSCRIBE

THU, MAY 21, 2020

EVENING BRIEF
 

AS OF THU, MAY 21, 2020 • 04:24 ET

DJIA 24474.12
-0.41% -101.78
S&P 500 2948.51
-0.78% -23.10
NASDAQ 9284.88
-0.97% -90.89

 

Most Active
DOW
NAME LAST CHG %CHG
BA 139.00 +5.68 +4.26%
MSFT 183.43 -2.23 -1.20%
AAPL 316.85 -2.38 -0.75%
S&P 500
NAME LAST CHG %CHG
GE 6.48 +0.06 +0.93%
F 5.63 +0.14 +2.55%
NCLH 14.03 +1.25 +9.78%
NASDAQ
NAME LAST CHG %CHG
UAL 25.84 +0.93 +3.73%
SIRI 5.20 -0.04 -0.67%
AMD 54.65 -1.74 -3.09%

EDITOR'S NOTE

 
 

Let's stay home and trade stocks. What else is there to do in a nation full of lockdowns and stimulus checks?

 

CNBC's Maggie Fitzgerald writes that securities trading was one of the most common uses of the government payments issued to ease the economic strain of the coronavirus pandemic.

 

People earning between $35,000 and $75,000 annually increased stock trading by 90% more after receiving their stimulus checks, according to software and data aggregation company Envestnet Yodlee. Americans earning $100,000 to $150,000 annually boosted trading by 82%.

Image

The money was supposed to be for necessities, but perhaps for many Americans, taking it to the stock market was like running to the racetrack to try to win the rent money. At least, the market had their backs. The Dow Jones Industrial Average and S&P 500 are up nearly 35% from their March lows.

 

Stocks, however, were down slightly on Thursday, with investors showing no reaction to an ugly jobless claims report.Another 2.4 million people filed for unemployment in the week ended May 9, bringing the pandemic's toll to more than 38 million jobless claims so far.

 

Investors continue to ignore bad news. And bad employment news keeps coming with little relief from state-by-state reopening efforts, writes CNBC's Patti Domm.

 

“The floodwaters are still rising in the labor market," said Chris Rupkey, chief financial economist at MUFG Union Bank, "and it doesn’t look like there’s any hope at the moment."

 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

TOP NEWS 

 
 
Stocks slide as Wall Street rally pauses, Amazon falls after hitting record
Zuckerberg says employees moving out of Silicon Valley may face pay cuts
Jobless claims total 2.4 million, still elevated levels but a declining pace from previous weeks
Tesla returns to 'normal operations' at U.S. car and battery factories — read the email sent to production workforce
It's 'dangerous to ignore the market:' Bank of America sees $1 trillion in cash to fuel stocks
Bill to delist Chinese stocks moving at 'warp speed' as a crackdown gains bipartisan support
Track the latest coronavirus news here
The coronavirus pandemic has upended auto sales and buying a car will never be the same
The Mall of America hasn't paid its mortgage in two months
Hedge funds piled into these stocks during the first-quarter sell-off

 

 

TOP VIDEO

 
 

 

CNBC PRO

 
 

 

SPECIAL REPORTS

 
 

 

Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel
Digital Products Feedback Privacy Policy  
© 2020 CNBC LLC. All rights reserved. A property of NBCUniversal.
900 Sylvan Avenue, Englewood Cliffs, NJ 07632
Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis.
Data also provided by THOMSON REUTERS

Other emails from CNBC

CNBC
Jun 1, 2020
Stocks rise to kick off June as investors continue to bet on the economy reopening
CNBC
Jun 1, 2020
Stocks making the biggest moves midday: Pfizer, Chipotle, Gap, Target, Delta, Carnival & more
CNBC
Jun 1, 2020
Stocks claw back early losses, rise slightly as traders bet on the economy reopening
CNBC
Jun 1, 2020
Dow drops 100 points to begin June as Wall Street aims for third monthly advance
CNBC
Jun 1, 2020
What to watch today: Dow futures are up and down as protests over racial inequality grip the nation
CNBC
Jun 1, 2020
Bill Gates: 6 movies and TV shows to watch 'when you need a break'