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Nasdaq Declines For A Fourth Day In A Row

Stocks dropped on Thursday as renewed uncertainty about the Federal Reserve’s interest rate policy and whether policymakers will implement another boost this year swept Wall Street.

The Nasdaq Composite lost more than 1.4% for a fourth straight day. The Dow Jones Industrial Average moved close to its flat line while the S&P 500 fell 0.7%.

Following a Bloomberg News story that China is considering expanding the use of iPhones in state-owned businesses and organisations, Apple shares fell 3.6%.

Fears that the still robust labour market may cause the Federal Reserve to reconsider loosening its strict monetary policy stance were fueled by a number of economic data items released on Thursday, including fewer unemployment claims than anticipated. While second-quarter labour expenses increased faster than projected, weekly unemployment claims came in at 216,000 instead of the 230,000 Dow Jones had predicted.

According to Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, a stronger jobs market will increase the need for the Fed to act, especially in light of the recent increase in energy costs.

Source (CNBC)

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