U.S. Daily Market Review 5.03.20

The major U.S. stocks fell after a solid rally in the previous session.

The Dow Jones Industrial Average slipped 511 points, or 1.8%, around midday trading. The S&P-500 dropped a similar 1.6% and the Nasdaq Composite tumbled 1.2%.

U.S. unit labour costs advanced little slower than predicted in the fourth quarter and were soft in 2019.

The Labor Department reported that the growth rate in unit labour costs, soared almost 1% last quarter.

The number of officially unemployed benefits dropped last week, implying in the labour market was on solid footing despite the coronavirus outbreak. Consumer confidence among Americans sunk to a 10-week bottom.

Bloomberg’s Consumer Comfort Index declined to 63 in the week ended March 1 from 63.5, according to today’s data.

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