How’re the markets?
Stocks fluctuated in intraday trading Thursday after tech shares moved higher, offsetting economic worries following an increase in the number of Americans who filed for first-time unemployment benefits.
First-time jobless claims in the U.S. moved back above 1 million after dipping below that mark a week earlier as businesses continue to struggle bringing workers back on the job amid the pandemic.
This comes after the Federal Reserve said the coronavirus pandemic would weigh heavily” on U.S. economic activity and the jobs market.
In the minutes Wednesday from their meeting in late July, officials at the central bank “agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term.”
The central bank said it expected to maintain rates between a 0% and 0.25% until it’s “confident that the economy had weathered recent events and was on track to achieve the committee’s maximum employment and price stability goals.”
The Fed emphasized the need for further fiscal policy support from Congress.
Democratic and Republican leaders have been hinting they are looking for ways to bridge the wide gap in their stalled coronavirus stimulus negotiations.