Stocks Were Mostly Lower after Jobless Claims Data

U.S. stocks were mostly lower in early trading on Wednesday, after jobless claims data showed that another 778,000 workers filed for unemployment as ‘pandemic purgatory’ worsens. The Dow Jones Industrial Average lately lost 119.66 points, or 0.40%, to 29,926.58. The S&P 500 slipped 6.63 points, or 0.18%, to 3,628.78. The Nasdaq Composite added 34.60 points, or 0.29%, to 12,071.38.

Oil futures continued to steam higher Wednesday, brushing off industry data showing a rise in U.S. crude inventories as investors remained focused on progress toward COVID-19 vaccines which may lead to a revival in economies around the world. West Texas Intermediate crude for January delivery rose 40 cents, or 0.9%, to $45.31 a barrel. January Brent crude was up 39 cents, or 0.8%, at $48.25 a barrel.

The beleaguered U.S. labor market is absorbing a fresh wave of jobless workers, with 778,000 new unemployment claims filed in the latest week, as soaring COVID-19 hospitalizations and deaths lead to renewed restrictions on business activity.