NEW YORK (AP) — Stocks are opening modestly higher on Wall Street Thursday, a day after dropping 4.4%.
Stocks had been headed for an even higher open until the Labor Department reported that more than 6.6 million people applied for unemployment benefits last week, double the record high set just one week earlier.
It was the latest sign that large numbers of Americans are losing their jobs as the economic damage from the coronavirus accelerates.
The U.S. and other large economies are widely believed to have sunk into severe recessions as businesses shut down the world.
The price of crude oil jumped 8% to about $22 a barrel.