Wall Street slumps after rise in layoffs, tech weakness
NEW YORK (AP) — Wall Street stumbled Thursday, undercut in part by a discouraging report showing that layoffs are picking up across the country with coronavirus counts. Technology stocks had the sharpest drops after a better-than-expected profit report from Microsoft wasn’t enough to satisfy investors expecting even more. They helped drag the S&P 500 down 1.2%. The index had its first loss in five days and its worst in four weeks. Other stock indexes around the world were mixed, while gold rose again through the uncertainty to touch its highest price in nearly nine years. Treasury yields and oil prices fell.
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