The Dow Jones industrial average shed 800 points, giving back all of its gains for the week.
Investors are closely watching economic data for signs of recovery from the worst global downturn since the Great Depression of the 1930s. Further updates on the U.S. economy are expected toward the end of this week, when the government will issueOn Thursday, economists estimate between 1.3 million to 1.4 million people filed initial applications for unemployment insurance last week. That would mark a mind-boggling 47 million Americans filed first time unemployment claims in just 14 weeks.
To be sure, the market has continued to climb in recent weeks, despite bouts of volatility, even as rising coronvairus cases in the U.S. and other countries cloud hopesfor an economic turnaround. The near-term outlook for financial markets depend on several variables including the spread of the virus and the development of a vaccine, analysts say.
While economic data is pointing to a recovery from the spring lockdowns that are being eased in many countries, the rise in new contagions is raising concerns that limits might have to be reimposed in some cases on business activity and public life. Worldwide, more than 9.2 million people are confirmed to have contracted the virus, including more than 477,000 who have died, according to a tally by Johns Hopkins University. It is thought to understate the actual numbers because of limits to testing and numerous asymptomatic cases.
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