Stock markets opened down Thursday after Labor Department data showed a huge spike in initial unemployment claims, and congressional talks on a COVID-19 relief package hit a rough patch.
The Dow Jones Industrial Average was down 190 points, or 0.6 percent in the opening minutes of trading, falling below the 30,000 milestone it reached last month for the first time. The S&P 500 fell 27 points, or 0.7 percent.
Jobless claims for the first week of December shot up to 853,000 in seasonally adjusted claims, a nearly 20 percent jump from the previous week, and the highest reading since September.
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The increase comes as COVID-19 cases, hospitalizations, and deaths continue to set new records, leading states and cities to reimpose tough social distancing and lockdown measures that affect businesses. Seven-day average daily case counts are north of 200,000, and the daily death toll surpassed 3,000.
At the same time, hope that Congress would strike a deal on a $900 billion COVID-19 relief package has begun to fade, as Republicans and Democrats spar over liability protections, unemployment insurance, and aid to state and local government.