Jobless claims rise as pandemic fuels recovery concerns
The United States saw a weekly rise in unemployment claims signaling a stalled recovery amid a resurgent coronavirus. With federal extra benefits set to expire July 31, millions face income loss as 1.4 million filed for benefits last week and another 975,000 sought aid for gig workers. Ohio reports spike before mask mandate, 1,444 daily cases and 80,000+ total cases statewide.
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Tech stocks slump as markets weigh rising layoffs
Investors push the S&P 500 lower and the Dow down after a mixed Microsoft earnings miss and a rising unemployment claims report. Tech shares led declines as fears of a slower pandemic recovery and Sun Belt closures spooked markets, with gold hitting a multi year high as risk appetite waned.
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Ascena Retail files for Chapter 11 bankruptcy in US
Mahwah New Jersey based Ascena Retail Group Inc owner of Ann Taylor Lane Bryant and Catherine stores seeks Chapter 11 protection. It plans to close many stores including Catherine’s and some Justice and Loft outlets while cutting debt by 1 billion dollars and securing 150 million in new financing. The move reflects the broader wave of retailer bankruptcies amid the pandemic and changing shopping habits.
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