Wall Street stalls as virus resurgence spooks markets
Wall Street dropped on worries that economy gains may fade amid rising coronavirus cases. The Dow fell 361.19 to 25,706.09, the S&P 500 slid 0.6 percent, and the Nasdaq rose to a record as investors weighed infection trends, jobless claims, and slower improvements.
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U.S. economy slows as coronavirus cases surge nationwide
The economy stalls as the outbreak worsens with cases rising in 38 states. Reopenings reverse in six states, layoffs persist, and more firms warn of job cuts. Unemployment claims remain near a pandemic-era high, with 1.3 million new filings last week. Major employers announce layoffs while consumer spending falls.
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Ohio unemployment claims rise nationally amid pandemic rebound
The four week average climbs to 405 reflecting a national surge, with Ohio reporting 33 483 new claims for the week ending July 4 down 6 percent from the prior week and 442 1 percent above the July 2019 weekly average. Total continued claims stand at 428 715, down 3 4 percent from the prior week and 854 2 percent above the July 2019 level. Local business owner Shannon Caperton of Shine Acupuncture and Wellness in Medina reopened June 1 after a March shutdown, saying demand is back to normal and that she imposed her own precautions due to lack of initial medical board guidance. Caperton emphasizes staying focused and flexible as the pandemic evolves. The Gazette compiled the data from the Ohio Department of Job and Family Services.
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