Stocks opened lower on Thursday as concern about the economy grew among traders following the release of disappointing unemployment data and a dour economic outlook from the Federal Reserve. The Dow Jones Industrial Average dropped 152 points, or 0.5 percent. The S&P 500 slid by 0.6 percent and the Nasdaq Composite fell by 0.4 percent, CNBC reports. Economists polled by Dow Jones estimate that 923,000 first-time applicants filed for unemployment benefits during the week ended Aug. 15. In the week prior, the tally had dropped below 1 million for the first time since mid-March.

Source: The Standard August 20, 2020 12:56 UTC