Wall Street Close: The market volatility contiues, all benchmarks gave up gains

• The Dow Jones Industrial Average lost 405.89 points, or 1.45%,
• The S&P 500 dropped 59.77 points, or 1.76%.
• Nasdaq Composite IXIC fell 221.97 points, or 1.99%.

Wall Street's benchmarks ended the day lower on Thursday as the roller coaster ride in the energy and tech sector goes around for another circuit.

Early gains were wiped out and the energy and technology were the biggest decliners following a flat jobless claims report that missed the mark.

In other events, the European Central Bank meeting provided little to stimulate equity markets and even the euro's advance was shortlived despite the ECB not raising any specific concerns about the strength of the single currency.

Overall, it was a confusing market that led to the Dow Jones Industrial Average falling by 405.89 points, or 1.5%, to 27,534.58, with the S&P 500 down by 959.77 points, or 1.8% to 3,339.19. The Nasdaq Composite also sliding into negative territory, down 221.97.7% to 10,919.59.

As for data, the number of initial claims for unemployment benefits in the US were unchanged at 884k while the market was expecting this number to ease.

Continuing claims lifted by 93k to 13.4 million. Claims for Pandemic Unemployment Assistance also lifted by 91K. This data indicates job losses are rising which is not surprising given the payroll protection program, which was helping support jobs, closed in early August,

analysts at ANZ Bank explained. 

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