Dow Jones Industrial Average falls 218 points
The Dow dipped 218.45 points, or 0.91% to close at 23,664.64. The S&P 500 closed 0.7% lower at 2,848.42. The Nasdaq Composite advanced 0.51% to 8,854.39. Stocks fell on Wednesday as investors weighed the potential of the U.S. economy reopening amid more dismal employment data.
Private payrolls plunge by 20.2 million
A report from ADP and Moody’s Analytics showed private payrolls were cut by 20.2 million last month. That was the worst report in the data series’ history. Still, it was not as bad as a Dow Jones estimate of 22 million job losses. The data comes as the U.S. tries to gradually reopen its economy. California will permit clothing stores, bookstores and flower shops to reopen for curbside pickup as soon as Friday while New York plans to ease restrictions on manufacturers, construction, and select retailers next week.
Big tech rises
Gains for some of the largest technology companies provided a floor for the broader market on Wednesday. Facebook shares gained 0.68% while Amazon advanced 1.44% and Netflix rose 2.26%.
What happens next?
Weekly jobless claims are on deck for Thursday along with JetBlue earnings. Hilton, Uber and Roku are also among the companies set to report earnings.
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The Dow and S&P 500 closed lower on Wednesday as investors weighed the potential of the U.S. economy reopening amid more dismal employment data.