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US stocks flat as investors concerned economic recovery may have stalled
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U.S. equity futures were trading flat heading into the final trading session of the week as major U.S. stock indexes wobbled in recent days amid concerns the economic rebound may be slowing. A rapid rise in new Covid-19 cases recently has added to concerns, too.
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Dr. Anthony Fauci, the Biden administration’s chief medical adviser, said recently that he didn’t believe the U.S. would return to lockdowns but warned that "things are going to get worse" as the more contagious Delta variant of Covid-19 spreads.
Wall Street’s benchmark S&P 500 index gained after investors were encouraged Thursday by a decline in U.S. unemployment claims. They were watching for Friday’s monthly employment report for an indication of how new disease flareups and renewed anti-disease curbs might be affecting hiring and wages.
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"The jobs report will be the key highlight to end the week" amid conflicting market indicators that "put more uncertainty" on whether hiring expectations can be met, said Yeap Jun Rong of IG in a report.
On Wall Street, the S&P 500 rose 0.6% to 4,429.10. The Dow Jones Industrial Average gained 0.8% to 35,064.25. The Nasdaq climbed 0.8% to 14,895.12.