Dow, S&P 500 mark longest losing skid in 12 weeks as stock market wobbles lower

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MARKET PULSE

The Dow Jones Industrial Average and the S&P 500 marked a fourth straight loss Thursday, relinquishing earlier gains that had been partly attributed to indications President Joe Biden will expand COVID-19 vaccine mandates for federal workers. Investors sold health-care, consumer-staples real-estate stocks, weighing on the broader market, which has mostly been trading in record territory until this holiday-abbreviated week’s recent slump. The Dow closed down over 150 points, or 0.4%, at 34,879, losing its grip on 35,000, while the S&P 500 index retreated 0.5% at 4,493, marking the fourth consecutive decline for both indexes, which is the longest stretch of declines since a multisession skid ended June 18. The Nasdaq Composite Index fell 0.3% at 15,248. Trading on the session came as Fed Gov. Michelle Bowman said that she favored tapering of the central bank’s asset purchases soon. Meanwhile, Europe’s central bank said that it would conduct asset purchases under its pandemic emergency purchase program, or PEPP, at a “moderately lower pace” after accelerating purchases in recent quarters. In economic reports, initial jobless claims fell by 35,000 to 310,000 in the week ended Sept. 4, the Labor Department said Thursday, marking the lowest level of claims since the pandemic struck in March 2020 and the biggest decline in claims since late June. In corporate news, Lululemon Athletica soared 10% on the day after reports its quarterly results. The White House has signaled that President Biden will seek a fresh round of additional vaccine mandates for federal workers and push for those measures to be extended to employees of government contractors.

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