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Pharmaceutical industry

Stocks Fluctuate Amid Stimulus Talks and Rising Jobless Claims

Strategic Insights

— 1 min read

Stocks wavered on Thursday as investors weighed the impact of bogged-down stimulus talks and the latest jobless claims report, which showed a significant surge in Americans seeking unemployment benefits. The Dow Jones Industrial Average declined marginally, while the S&P 500 and Nasdaq exhibited contrasting trends. TheStreet's Katherine Ross discussed breaking news in the stock market, while Cramer addressed the antitrust lawsuit against Facebook, FDA approval for Pfizer's Covid vaccine, and recent stats on unemployment claims.

Key Takeaways:

  • The Dow Jones Industrial Average declined 23 points, or 0.08%, to 30,045, amidst stimulus talks and jobless claims concerns.
  • The S&P 500 dipped 0.05%, while the Nasdaq rose 0.4%, indicating divergent market sentiment.
  • Facebook (FB) slipped after the Federal Trade Commission and most states filed an antitrust lawsuit, charging the company with anticompetitive behavior.
  • Pfizer (PFE) initially rose on FDA advisory committee discussion, but declined later, with Cramer criticizing the FDA's handling of the vaccine approval process.
  • Jobless claims surged to 853,000, the highest level since mid-September, amidst record Covid-19 cases, hospitalizations, and deaths.
  • Economists had forecast claims of 712,000, indicating a notable discrepancy.
  • Cramer suggested that the holdup on the stimulus package might be due to the need for a Democratic president, emphasizing the urgency of addressing unemployment and hunger.

Statistics:

  • Dow Jones Industrial Average declined 23 points, or 0.08%, to 30,045.
  • S&P 500 dipped 0.05%.
  • Nasdaq rose 0.4%.
  • Facebook (FB) slipped after the antitrust lawsuit.
  • Pfizer (PFE) initially rose 0, but declined later.
  • Jobless claims surged to 853,000, the highest level since mid-September.
  • Revised jobless claims from the previous week: 716,000.
  • Economists had forecast claims of 712,000.

Sources:

  • https://www.thestreet.com/markets/stock-market-dow-jones-industrial-average-pfizer-facebook-121020
  • https://www.thestreet.com/investing/facebook-slips-after-ftc-files-antitrust-lawsuit-to-breakup-tech-giant
  • https://www.thestreet.com/investing/jobless-claims-unemployment-labor-market-recovery-slows

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