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What the Dow passing 30,000 means for investors: Two portfolio managers
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The Dow Jones Industrial Average fell on Wednesday, taking a breather after reaching a significant milestone, while traders pored over disappointing unemployment data.
The 30-stock Dow slid 200 points, or 0.7%. The S&P 500, meanwhile, dipped 0.3%. The Nasdaq Composite outperformed, rising 0.4%. Trading volumes were lighter than usual ahead of the Thanksgiving holiday. As of 2 p.m. ET, the SPDR S&P 500 ETF Trust (SPY) had only traded 23.9 million shares, less than half its 30-day average volume of 79.3 million.
The Labor Department said that 778,000 people filed for unemployment benefits for the first time last week. Economists polled by Dow Jones expected initial jobless claims to come in at 733,000.
“There was building evidence that claims were going to hit a near-term bottom and the downward momentum (which was already slowing) that had been intact for months would reverse,” wrote Thomas Simons, money market economist at Jefferies. “The data of the past two weeks emphatically confirms these expectations.”
Salesforce led the Dow lower, falling more than 3% after Dow Jones reported the company held talks to buy Slack Technologies. CNBC later confirmed the report. Shares of Slack popped more than 25%. Energy fell 1.7% and was the worst-performing sector in the S&P 500.
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