Wall Street retreated on Thursday as investors hit the pause button in advance of Friday's jobs report, capping a four-day rally driven by rising economic sentiment
- The S&P 500 lost ground on Thursday as investors took profits in advance of Friday’s jobs report, ending a four-day rally driven by rising economic sentiment.“We were pretty overvalued going into this week,” said Chris Zaccarelli, chief investment officer, Independent Advisor Alliance, Charlotte, NC. “It’s not surprising to see a pullback.”
Economic data showed the number of Americans filing for unemployment benefits dipped below 2 million for the first time since mid-March, and plummeting international commerce resulted in a net widening of the U.S. trade gap. The European Central Bank approved a stimulus package that surpassed expectations, nearly doubling the size of its Pandemic Emergency Purchase Plan to 1.35 trillion Euros.
Of the 11 major sectors in the S&P 500, all but financials, industrials and materials were in the red in a continuation of a rotation in cyclicals. Global online commerce platform EBay Inc rose 6.3% after raising current quarter forecasts due to a surge in customer orders.
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