Market Mostly Sinks, With One Exception

Tech sector again lifts Nasdaq
By Newser Editors,  Newser Staff
Posted Jul 9, 2020 3:13 PM CDT

(Newser) – The market's seesaw reaction to the nation's coronavirus recovery was mostly on the downswing Thursday. The Dow fell 361 points to 25,706 and the S&P 500 fell 17 points to 3,152, but the tech-heavy Nasdaq bucked that trend and rose 55 points to 10,547. The mixed day comes on the heels of a new labor report showing that another 1.3 million people filed for jobless benefits last week. The news also comes as the US set a single-day record on Wednesday for new cases with 60,000.

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“I think the resurgence in the Covid-19 positive cases certainly makes the markets worried,” Feifei Li of Research Affiliates tells the Wall Street Journal. “They are concerned about the potential second round of lockdown.” Tech stocks in general were holding up better than the general market on the theory that they will be less affected by the ups and downs of the economy amid the pandemic, reports the AP. (Read more stock market stories.)

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