Wall St retreats as labour market recovery slows amid rise in Covid cases

The Dow Jones Industrial Average rose just 12.63 points, or 0.04%, at the open to 30,058.87

The S&P 500 and the Dow retreated on Wednesday as a surprise rise in weekly jobless claims added to signs the recovery of the labor market was stalling amid a surge in COVID-19 infections. The Labor Department's report showed initial claims for state unemployment benefits last week increased to 778,000 from 748,000 in the prior week. Economists polled by Reuters had forecast 730,000 applications.

With the next fiscal stimulus package now expected only after President-elect Joe Biden is sworn in on Jan. 20, momentum in the labor market is expected to remain slow. "The question is who wins the battle -