Oct. 15 (UPI) — The Dow Jones Industrial Average reversed early losses to close Thursday with a slight decline as the broader markets fell amid increased COVID-19 concerns and rising jobless claims.
The blue-chip index closed the day down 19.8 points, or 0.069%, after rallying back from a decline of more than 300 points earlier in the day. The S&P 500 also fell 0.15% and the Nasdaq Composite dropped 0.47%.
Thursday’s decline marked the third consecutive day of losses for the three major U.S. averages, the longest losing streak in more than a month.
Markets reacted to the United States reporting its most COVID-19 cases in two months, along with a spike in cases in Europe.
Additionally, the Labor Department reported that another 900,000 American workers filed new unemployment claims.
Tech stocks saw losses as Facebook fell 1.88%, Amazon dropped 0.75%, Microsoft declined 0.54%, Alphabet lost 0.51% and Apple slid 0.4%.
Gains in energy and bank stocks helped to offset tech losses as Exxon Mobil stock gained 0.85% and Chevron grew 0.77%.
JPMorgan Chase stock also increased 1.49% and Citigroup grew 1.3%. Morgan Stanley stock also climbed 1.36% after reporting third-quarter profit of $1.66 per share, surpassing analyst estimates of $1.28.
Walgreens stock shot up 4.8% as the company exceeded its expected fourth-quarter profit due to increased sales at U.S. pharmacies.