At closing bell, the Dow Jones Industrial Average fell 361.19 points, or 1.4%, to 25,706.09. The S&P 500 index lost 17.89 points, or 0.6%, to 3,152.05. The tech-heavy Nasdaq Composite Index added 55.25 points, or 0.5%, to 10,547.75.
Stock investors took safe heaven stance amid concerns about coronavirus infections in the country after more than 60,000 new Covid-19 cases were reported on Wednesday, the biggest increase ever reported by a country in a single day. Florida reported a record increase in hospitalizations. With Covid-19 cases on the rise in 42 states across the United States, investors fear that re-imposition of lockdown measures will significantly weaken recovery chances.
Sentiments were also dampened after a report on weekly jobless claims showed that US first-time claims for unemployment benefits tumbled to 1.314 million in the week ended July 4th, a decrease of 99,000 from the previous week's revised level of 1.413 million, according to a report released by the Labor Department on Thursday. The Labor Department said the less volatile four-week moving average also fell to 1,437,250, a decrease of 63,000 from the previous week's revised average of 1,500,250. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also plunged by 698,000 to 18.062 million in the week ended June 27th.
Among Indian ADR, WNS Holdings fell 2.76% to $53.95, INFOSYS dropped 1.06% to $10.23, Bank shed 0.16% to $48.55, ICICI Bank sank 1.52% to $9.74, and Dr Reddys Labs was down 0.71% to $51.89, while Vedanta rose 0.17% to $5.97, HDFC, Tata Motors rose 2.41% to $7.23, and Wipro climbed 0.61% to $3.31.
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