Mr. Wood
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Dow Ends April on Sour Note, but Notches Best Month Since '87
Apr 30, 2020
Apr 30, 2020
With signs that the U.S. consumer, the backbone of the economy, is in trouble as the jobless claims continue to mount, investors seemingly pulled their bullish bets on stocks.
The U.S. Department of Labor reported Thursday that initial jobless claims slowed to a pace of 3.8 million, compared with 4.4 million last week, but still above economists' forecasts of 3.5 million.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 7.5% last month, the steepest monthly decline on record.
Financials were among the biggest decliners, giving up its recent gains, as the weaker economic data cooled expectations that a partial economic reopening would kickstart the labor market and potentially lead to a decline in credit losses for big Wall Street banks.


