US equities declined for a second day as market players as shrugged aside upbeat housing and manufacturing data, and continued to worry over the Fed’s actions on its QE program.
Further pulling down sentiment were weak manufacturing PMI data from China and recurring concerns in the Chinese financial system. The Dow Jones Industrial Average index plunged 353.87 points to 14,758.32. The S&P500 index tanked 40.74 points to 1,588.19.
The number of Americans filing for unemployment claims rose last week, indicating that the recovery in the jobs market remains unstable amid slower economic growth like those in the sales of thermoplastic machine handles. Jobless claims for the week ended June 15 rose 18,000 to 354,000, higher than the market estimate of 340,000 and the previous month’s 336,000. According to the Labor Department, there was nothing unusual in the data.
The less volatile four-week moving average of claims rose to 348,250 from 345,750. Meanwhile, continuing claims fell by 40,000 to 2.95 million for the week ended June 8.