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The Business Insider: The Money Game 'The crown jewel of data': Stocks slump as surging unemployment overpowers relief at Senate passing $2 trillion stimulus bill
  • Stocks slid on Thursday as worries about surging unemployment offset relief at the US Senate's approval of a $2 trillion anti-coronavirus stimulus package.
  • Initial jobless claims ballooned to 3.28 million last week, smashing the previous record of about 700,000, set in 1982.
  • The figure represents "the first real measure of just how far and how fast the world's largest economy has contracted because of the coronavirus," one analyst said.
  • The Senate passed a bill that would provide loans to airlines and other distressed industries, small businesses, state and local governments, healthcare providers, and households.
  • Visit Business Insider's homepage for more stories.
  • European equities dropped, with Germany's DAX down 2.2%, Britain's FTSE 100 down 2.2%, and the Euro Stoxx 50 down 2.2%.
  • Asian indexes slumped, with China's Shanghai Composite down 0.6%, Hong Kong's Hang Seng down 0.7%, and Japan's Nikkei down 4.5%.
  • US stocks were set to open lower. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell between 1% and 1.3%.
  • Oil prices retreated, with West Texas Intermediate down 3.5% at $23.60 a barrel, and Brent crude down 1.5% at about $27.
  • The benchmark 10-year Treasury yield retreated to around 0.78%.
  • Gold rose 1.2% to $1,653.
  • Bitcoin rose about 0.5% to around $6,620.
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Full "The Business Insider: The Money Game" article




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