Stocks poised for a muted open after US reports job losses in March

Jessica Menton, USA TODAY Published 9:20 a.m. ET April 3, 2020 | Updated 1:38 p.m. ET April 3, 2020CLOSE The coronavirus (COVID-19) is impacting the global economy and raising fears of a recession. What causes a recession and what are the signs? USA TODAYU.S. stocks slid Friday after the government reported a big loss in jobs…

Stocks poised for a muted open after US reports job losses in March

Jessica Menton, USA TODAY
Published 9:20 a.m. ET April 3, 2020 | Updated 1:38 p.m. ET April 3, 2020CLOSE

The coronavirus (COVID-19) is impacting the global economy and raising fears of a recession. What causes a recession and what are the signs?

USA TODAYU.S. stocks slid Friday after the government reported a big loss in jobs last month because of the coronavirus pandemic.The Dow Jones industrial average dropped 500 points. The Standard & Poor’s 500 fell 1%, as energy shares gave back gains after crude prices eased. Heading into Friday, the Dow was down 1% for the week while the S&P 500 had shed 0.6%. The U.S. lost 701,000 jobs in March, the Labor Department said Friday, the first decline in job creation in a decade. The unemployment rate last month rose to 4.4% from 3.5%. The data comes after a separate report on Thursday showed a record 6.6 million Americans applied for unemployment benefits last week. That was double the previous week’s job losses of 3.3 million. It raised the total number of Americans who are out of work due to the coronavirus-driven downturn to almost 10 million.Coronavirus: A record 6.6M Americans file for unemployment benefits as virus wreaks havoc on economyRent: What happens if you can’t pay rent on April 1 because coronavirus forced you out of work?Stocks had held steady at first, but headed lower after energy stocks gave up gains as crude prices lost momentum. A fresh bout of volatility on Friday signaled that investors were selling riskier assets like stocks heading into the weekend, analysts say. Of the 13 Friday’s so far in 2020, the S&P 500 index has booked losses in ten of those days, averaging a decline of 0.4%, according to Bespoke Investment Group. Traders
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