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27 Sep 2020, 12:40 HRS IST
  • PTI
  • S&P 500 briefly rises above record close as stocks drift

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1:17 HRS IST

New York, Aug 13 (AP) Wall Street is drifting on Thursday, and the S&P 500 is again on the verge of erasing the very last of its pandemic losses.

The S&P 500 was 0.1% higher in afternoon trading at 3,383.64. Earlier in the afternoon, it briefly rose above 3,386.15, which was the record closing level it set in February before investors appreciated how much devastation the new coronavirus would cause for the global economy.

The Dow Jones Industrial Average was down 37 points, or 0.1 per cent, at 27,939, as of 1:06 p.m. Eastern time, and the Nasdaq composite was up 0.8 per cent.

Treasury yields were also holding relatively steady after a report showed that 963,000 U.S. workers filed for unemployment benefits last week. It's an incredibly high number, but it's also the first time the tally has dropped below 1 million since March, before widespread business lockdowns caused a tsunami of layoffs.

Economists said the drop in jobless claims, which was better than the market was expecting, is an encouraging step. But they also cautioned that it could be more of an outlier than a trend, and more data reports are needed to confirm it.

The yield on the 10-year Treasury was sitting at 0.68 per cent in afternoon trading. It was at 0.57 per cent just on Monday.

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