US STOCKS SLIDE ANEW AS UNEMPLOYMENT RATE RISES

US stocks sank Thursday (Friday, June 5, 2020 in Manila) as another round of dismal weekly jobless-claims data offset new economic stimulus efforts in Europe. US jobless claims for the week that ended on Saturday 1.9 million, the Labor Department said Thursday, exceeding the median economist estimate.

Continuing claims, which represent the aggregate total of people actually receiving unemployment benefits, also came in higher than expected, Carmen Reinicke reported for Business Insider. S&P 500 was at 3,112.35, down 0.3%, Dow Jones industrial average was a tad higher at 26,281.82, up 0.1% (12 points) while Nasdaq composite was at 9,615.81, down 0.7%

However, the tech-heavy Nasdaq 100 surged to an intraday record high and became the first major US index to erase all of its losses from the coronavirus-induced market rout. On the initial public offering front, Warner Music Group — which just completed the largest US IPO this year — slid roughly 3% in its second day of trading while Zoominfo skyrocketed as much as 100% in its first day of trading.

Overseas, the European Central Bank boosted its emergency stimulus by $676 billion in an increased effort to combat coronavirus economic fallout and engaged in bond buying to push up the total package to $1.5 trillion.