Stock market live updates: Dow down 700, Dalio concerned, jobless claims jump

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The Dow is now down more than 500 points, adding to yesterday’s 1,338 point drop, which was a loss of 6.30%. The Nasdaq opened in positive territory, but couldn’t hold onto those gains, and is now 0.8% lower. The S&P 500 is down 2%. – Stevens

After multiple sessions of huge moves in either direction at the open, Thursday’s start to trading was pretty quiet. The Dow Jones Industrial Average opened 130 points lower, for a loss of 0.65%. The S&P 500 fell 0.3% while the Nasdaq was up 0.2%. – Stevens

Next Thursday’s look at weekly new jobless claims may show a tenfold spike to two million as the full force of the coronavirus halt in the U.S. economy slams the labor market, economist Ian Shepherdson told CNBC. “Looking at the states’ unemployment claims numbers that have been coming out over the last few days, it looks to me like the order of magnitude in most states seems to be about 10 times higher than the normal weekly numbers before the crisis,” the chief economist at Pantheon Macroeconomics said on “Squawk Box.” “That means next week’s jobless claims number could jump 200,000-something this week to two million next week.” – Stankiewicz

With the coronavirus spreading economic mayhem across the globe, the Dow’s steep drop on Wednesday briefly pushed the 30-stock index below the level where it closed on Jan. 19, 2017, the day before Trump took office.

At session lows, Dow Industrials fell 2,319.92 points to 18,917.46 and nearly 600 points below its close of 19,732.40 a day before Trump’s inauguration. A surge in major market indexes in the last 10 minutes of trading on Wednesday pushed the Dow back above its pre-inauguration levels by a thin 166 points. – Franck


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