US jobless claims drop to 840000 amid pandemic strain
US initial jobless claims fell by 9 000 to 840 000 in the week ended Oct 3 with California using unchanged figures due to a temporary halt in new applications. Continuing claims declined to 11 million for the week ended Sept 26 as the labor market remains weak and risks persist without more federal stimulus. The report notes six months into the pandemic claims remain far above pre virus levels and highlights potential upcoming layoffs from Disney Allstate and airlines. Feder ally officials warn of a slow recovery without aid while markets react to the data and Powell signals the need for continued support. Medina County notes 214 claims in the week tied to the March shutdowns.
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Stocks Rise as Stimulus Hopes Help Markets Rally
U.S. stocks advanced for a second day with optimism that Congress can approve more aid for the economy. The S&P 500 rose 0.8 percent to 3,446.83, the Dow gained 122.05 points to 28,425.51, and the Nasdaq climbed 56.38 points to 11,420.98 amid signals of potential bipartisan talks.
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