Dow plunges 300 pts at open on worrisome data

Thursday, 30. July 2020 15:30

Shares on major United States stock markets dropped at the opening bell on Thursday with the Dow Jones losing nearly 300 index points as the latest data fueled pessimism over the country's economic recovery from the coronavirus crisis.

The number of initial jobless claims in the US grew by 12,000 on a weekly basis to reach 1,434,000 last week. Meanwhile, the US Bureau of Economic Analysis's first preliminary estimate saw the country's gross domestic product (GDP) plummeting as much as 32.9% in the second quarter due to the pandemic.

The Dow sank 1.12% to start the session as Boeing slid over 2%, while the S&P 500 surrendered 1.03% at the same time with L Brands Inc slumping almost 4%. The Nasdaq 100 went down by 0.86% at the opening bell as Automatic Data Processing lost over 2%. The euro traded virtually unchanged against the dollar, changing hands for 1.17890 at 9:28 am ET.

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Breaking the News / GA