BREAKING: Dow Falls as Bulls Take Breather After Record Run to 30,000

Photo: Reuters

Investing.com - The Dow slipped Wednesday, after a record surge a day earlier, as a wobble in the jobs market in the wake of rising Covid-19 cases prompted investors to hit pause on value stocks. 

The Dow Jones Industrial Average fell 0.58%, or 173 points, after closing above the 30,000 level on Tuesday.

The S&P 500 was down 0.14%, while the Nasdaq Composite added 0.47%.

The U.S Labour Department reported that 778,00 people filed for unemployment insurance, up 30,000 from the prior week's 748,000, and well above expectations for 730,000 claims.

That was the second-consecutive week of rising claims for the first time since July 25, suggesting the impact of new restrictions in the parts of the U.S. and a lack of stimulus are taking a toll on the labor market.

The weaker jobs data arrived on the heels of data showing personal spending and durable goods orders increased more than expected, but some warn the impact of rising infections will likely keep a lid on the pace of the recovery.

The slew of data prompted investors to hit pause on value stocks, which tend to move in tandem with the pace of the economy.

Industrials, financials and energy traded in the red, though losses in the latter were kept in check by a climb in oil prices.

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