icon-email icon-facebook icon-linkedin icon-print icon-rss icon-search icon-stumbleupon icon-twitter icon-arrow-right icon-email icon-facebook icon-linkedin icon-print icon-rss icon-search icon-stumbleupon icon-twitter icon-arrow-right icon-user Skip to content

Money

Bulls almost pull the S&P 500 even today, but then late selling kicks in

For a while it looked like bullish investors and traders would manage to pull the market even into the close. That would have been quite a positive feat after a huge 3-ay rally and going into a weekend. At 3:27 p.m.New York time today the Standard & Poor's 500 was down only 0.18% at 2615.58 after being down 3.35% at 12:07 p.m. But then a late wave of selling kicked in and took the S&P 500 back down to 2541.47 at the close, a drop of 3.37% on the day. A few thoughts on the day's action:

Market shrugs off 3.28 million jump in new claims as $2.2 trillion coronavirus rescue bill moves toward House vote tomorrow

Today Treasury Secretary Steve Mnuchin said the surge in Americans filing for unemployment benefits is “not relevant.” Mnuchin told CNBC, “The president is protecting those people.” For the week ended March 21, initial claims for unemployment soared to a record 3.28 million. Last week, the week that ended on March 14, initial claims for unemployment had climbed to 281,000 from 211,000 in the prior week. For a day, at least, the financial markets agreed.

Latest Stories

Choosing Senior Living
Choosing Senior Living
Love Old Journalists

Our Mission

To amplify the voices of older adults for the good of society

Learn More

News & Opinion from Senior Correspondents Across the Globe