Dow Jones Volatile on Elevated Unemployment Claims; Nike, Home Depot, and Goldman Sachs Talked Up by Analysts
The number of Americans filing initial jobless claims rose slightly in the week ended Sept. 19 to 870,000, still far above pre-pandemic levels and higher than economists were expecting. The Dow Jones Industrial Average (DJINDICES:^DJI) managed to rise nonetheless on Thursday, up around 0.25% at 11:45 a.m. EDT. The Dow was volatile throughout the morning, so that gain may not hold.
Shares of Nike (NYSE:NKE) failed to rise along with the Dow even after an analyst talked up the company’s digital transformation. Positive analyst commentary did help Home Depot (NYSE:HD) and Goldman Sachs (NYSE:GS) stocks, both of which were in positive territory by late morning.
Optimism after Nike earnings
Footwear and apparel giant Nike was hit hard by the COVID-19 pandemic earlier this year. In the quarter that ended on May 31, Nike reported a staggering 38% drop in revenue due to retail store closings. Unsurprisingly, the