Stocks Tumbled at Open after Fed Decision, Jobless Claims

U.S. stocks tumbled at open on Thursday after the Federal Reserve’s decision to keep monetary policy loose for the immediate future and jobless claims data. The Dow Jones Industrial Average lately fell 338.71 points, or 1.21%, to 27,693.67. The S&P 500 was down 50.41 points, or 1.49%, to 3,335.08. The Nasdaq Composite retreated 213.69 points, or 1.93%, to 10,836.78.

Oil futures traded on either side of unchanged Thursday, as traders await the outcome of an OPEC+ panel that’s expected to recommend the alliance stick with its current schedule of production cuts. West Texas Intermediate crude for October delivery fell 7 cents, or 0.2%, to $40.09 a barrel. November Brent crude was off 3 cents, or 0.1%, at $42.19 a barrel on ICE Futures Europe.

Another 860,000 workers filed unemployment claims in the latest period, but that figure remained below 1 million for a third straight week. Initial jobless claims for the week ended Sept. 12 was 860,000 vs 850,000 expected, and 884,000 during the prior week.

U.S. homebuilding fell in August after strong gains in the prior three months, but the housing market remains supported by record low interest rates. Housing starts dropped 5.1% to a seasonally adjusted annual rate of 1.416 million units last month, the Commerce Department said on Thursday.

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