At the close of trade, the Dow Jones Industrial Average index dropped 68.95 points, or 0.22%, to 30,991.52. The S&P 500 index shed 14.30 points, or 0.38%, to 3,795.54. The tech-heavy Nasdaq Composite Index declined 16.31 points, or 0.12%, to 13,112.64.
Investors, economists, and political analysts were all looking ahead to an address by President-elect Joe Biden scheduled for later on Thursday, in which he is set to unveil his economic agenda and plans for further U.S. stimulus. The Biden team's initial proposal is reportedly in the $1 trillion to $2 trillion range. The package is expected to include an increase in direct payments to Americans as well as an extension of increased unemployment insurance and support for state and local governments.
The Labor Department showing initial jobless claims report showed that initial jobless claims rose to 965,000, an increase of 181,000 from the previous week's revised level of 784,000. It also put weekly claims well above the roughly 800,000 a week they have averaged in recent months. Additionally, continuing claims rose to nearly 5.3 million for the week ended January 2, from 5.1 million a week earlier.
Sectors in the S&P 500 index were mixed, led by gains in Energy, the interest-rate sensitive utility sector underperformed. Rates moved higher and the dollar was flat along with gold.
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