Wall Street Slips On Surprise Rise In Jobless Claims, Tech Slide – By Devik Jain and Shreyashi Sanyal (Reuters) / Feb 18 2021
(Reuters) – Wall Street’s main indexes fell on Thursday as investors resumed a shift out of big technology-related firms, while an unexpected rise in weekly jobless claims pointed to a fragile recovery in the labor market.
The Labor Department’s report showed initial claims for state unemployment benefits were 861,000 last week, compared with 848,000 in the prior week, partly due to potential claims related to the temporary closure of automobile plants due to a global semiconductor chip shortage.
“The one part of the economy that has remained disappointing is clearly the employment picture,” said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina.
U.S. stock indexes hit record highs at the beginning of the week but gradually retreated following a rise in treasury bond yields, which led to fears of higher inflation.