Dow Loses 360 Points, Tech Values ​​Push Nasdaq To Advance

July 9 (UPI) – The Dow Jones Industrial Average and the S&P 500 fell Thursday in the latest Department of Labor unemployment report and a substantial loss reported by Walgreens.

The Dow Jones erased its gains for the week, ending the day down 361.19 points or 1.39%, while the S&P 500 fell 0.56%. The Nasdaq Composite ended the session with gains, advancing 0.53% behind solid technology stocks.

The Walgreens Boots Alliance, a large pharmacy and health care chain, announced Thursday that it plans to fire about 4,000 workers due to losses due to the COVID-19 pandemic. The company reported a loss of 1.7 billion in the third quarter.

Walgreens was one of the worst performing stocks in the Dow on Thursday, down 7.76%.

Earlier, the Labor Department reported that an additional 1.3 million American workers had filed new jobless claims last week, down about 100,000 from the previous week.

The shares that would benefit from the reopening of businesses by lifting restrictions to prevent the spread of COVID-19 declined on Thursday as concern continues to increase in parts of the country.

United Airlines shares fell 7.25%, American Airlines shares fell 6.76% and Delta shares fell 5.07%. Royal Caribbean shares fell 5.89% and Carnival shares fell 4.83% while Kohl shares fell 7.25%.

Despite general losses, tech stocks flourished Thursday, while Amazon stocks rose 3.29% to a record high. Shares of Google’s parent company Alphabet rose 1%, Microsoft gained 0.70% and Apple gained 0.36%.

Source: UPI

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