US stocks volatile as jobless claims remain high

accreditation
Traders work on the floor of at the closing bell of the Dow Industrial Average at the New York Stock Exchange on October 31, 2018. (Photo: Bryan R. Smith, AFP)
Traders work on the floor of at the closing bell of the Dow Industrial Average at the New York Stock Exchange on October 31, 2018. (Photo: Bryan R. Smith, AFP)

Wall Street stocks edged higher early Thursday in volatile trading following another high US jobless claims report and as US-China friction rises, sharpening concerns of another trade war.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3% at 24 660.66 after opening in the red.

The broad-based S&P 500 also added 0.2% at 2 976.78, while the tech-rich Nasdaq Composite Index rose 0.3 percent to 9 403.66.

The Labor Department reported that another 2.43 million US workers applied for unemployment benefits last week, bringing the total since mid-March to a massive 38.6 million following coronavirus shutdowns.

After bottoming out in March as much of the US economy suddenly shut down, stocks have mostly risen in April and May as Washington has enacted aggressive stimulus measures.

But investors increasingly view tensions between Washington and Beijing as a risk to stocks in the coming months, as US President Donald Trump loudly blames China for the coronavirus outbreak that has claimed more than 90,000 American lives.

Beijing's latest response came a day after Trump blamed China for "mass worldwide killing" in a tweet.

Chinese foreign ministry spokesman Zhao Lijian told a press briefing, "We have persisted in speaking the truth, presenting the truth and speaking with reason, doing our utmost to protect the lives and health of the people."

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
18.01
-0.9%
Rand - Pound
19.91
-2.5%
Rand - Euro
17.62
-1.4%
Rand - Aus dollar
11.65
-0.2%
Rand - Yen
0.12
-0.7%
Gold
1,657.84
-0.1%
Silver
18.72
-1.0%
Palladium
2,203.00
+2.4%
Platinum
863.50
-0.3%
Brent Crude
89.32
+3.4%
Top 40
56,921
-0.9%
All Share
63,264
-0.9%
Resource 10
59,793
+3.2%
Industrial 25
76,769
-2.3%
Financial 15
13,707
-2.9%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders