Wall Street Close: Bears in control as uncertainty prevails

The Dow Jones Industrial Average lost 0.07%.
The S&P500 fell 0.15%.
The Nasdaq Composite lost 0.47%.

Ross J Burland FXStreet

US stocks fell on Thursday as COVID-19 restrictions in Europe and prospects for a swell in the US wave dominated the headlines.

At the same time, the chance of a stimulus deal is disappearing over the horizon while a sharp lift in initial jobless claims weighed on risk appetite.

Consequently, the Dow Jones Industrial Average lost 0.07% to end at 28,494.2 points, while the S&P500 fell 0.15% to 3,483.34 while the Nasdaq Composite lost 0.47% to 11,713.87.

Ahead of the November 3rd election and lawmakers were still at loggerheads about a stimulus plan.

The US President Donald Trump said he was willing to raise his offer of $1.8 trillion for a COVID19 relief package in order to reach an agreement with Democrats but the idea was shot down by his fellow Republican, Senate Majority Leader Mitch McConnell.

The House of Representatives Speaker Nancy Pelosi said has also rejected the offer and stuck to her demand for a $2.2 trillion deal.

Meanwhile, the number of new people claiming unemployment benefits in the US had been trending down. However, today's data was not so promising.

The number of initial claims has shot up

''The latest weekly data showed the number of initial claims has shot up to 898k, well above the expected level. Continuing claims fell to just over 10 million from 10.9 million,'' analysts at ANZ Bank explained, adding, ''unsurprisingly, jobs appear to be falling away quickest in the states where COVID-19 cases are plentiful.''

Overview
Today last price	3474.75
Today Daily Change	-16.25
Today Daily Change %	-0.47
Today daily open	3491

Trends
Daily SMA20	3376.52
Daily SMA50	3398.8
Daily SMA100	3279.15
Daily SMA200	3119.24

Levels
Previous Daily High	3533
Previous Daily Low	3481.5
Previous Weekly High	3483
Previous Weekly Low	3356.75
Previous Monthly High	3587
Previous Monthly Low	3209.5
Daily Fibonacci 38.2%	3501.17
Daily Fibonacci 61.8%	3513.33
Daily Pivot Point S1	3470.67
Daily Pivot Point S2	3450.33
Daily Pivot Point S3	3419.17
Daily Pivot Point R1	3522.17
Daily Pivot Point R2	3553.33
Daily Pivot Point R3	3573.67

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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