This is a live blog. Check back for updates.
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 toÂ 18,917.46 and nearly 600 pointsÂ 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
U.S. jobless claims rose 70,000 to reach 281,000 for the week ending March 14. Economists surveyed by Dow Jones expected a reading of 220,000. Companies have just started what is expected to be an aggressive round of layoffs due to the slump in demand that the virus is causing. – Stevens
As the coronavirus outbreak continues to send jitters through the market, the dollar index jumped to 102.329, its highest level since Jan. 11, 2017 as investors look to have cash on hand. âFrancolla, Stevens