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Stocks fall sharply amid concerns about global economic recovery


Shares fell sharply on Thursday as traders returned cautiously after a series of record highs for major U.S. indices. The Dow was off 401 points, or 1.2%, at 34,280.51. The S&P 500 pulled back 1.2% and about 95% of stocks in the index were lower.

Technology companies had some of the biggest losses, which helped pull the Nasdaq by 1.4%. Bond yields continued to fall as traders worried that the Federal Reserve would begin withdrawing some of its measures in support of the economy.

“We have not had a correction this year and we should look for one, but we would buy a downturn in the stock market as the corporate base is very strong and profits should continue to surprise for the upper part of the year. Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, said in an email.

Unemployment claims by the Department of Labor were few higher than expected, to 373,000, adding to concerns of a possible slowdown in the U.S. labor market.

Why some families got a bigger stimulus check …


The fall of Wall Street echoes overseas action, with global stock markets after the Fed spoke of easing the US economic stimulus. Japan was preparing to declare one coronavirus emergency condition during the Olympics due to an increase in infections.

London and Frankfurt opened more than 1% below while Shanghai, Tokyo and Hong Kong also retreated. Also Thursday, South Korea announced a record one-day increase of 1,275 new coronavirus infections, adding to the darkness.

Minutes of the Federal Reserve’s last meeting in June provided an optimistic outlook for a U.S. economic recovery and showed board members discussing how and when they could reduce monthly purchases of money-injecting bonds into the financial system.

“With the heavy initial removal from the economic reopening largely factored in, the rate of declining unemployment rate forward carries some uncertainty,” IG Yeap Jun Rong said in a report. “The Fed minutes reinforce that much is expected to be seen in the data ahead to drive policy withdrawal.”




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