It had rebounded strongly before this week’s slide, and there was a sense Thursday that perhaps the stock market had come back too far, too fast, without the economic underpinnings to justify such a climb. He tried to dispute Powell’s assertion Wednesday that the economy could take a long time to heal and need substantial government help. The U.S. economy added 2.5 million jobs in May, the Labor Department said last week, but the unemployment rate remains higher than at any point since the Great Depression. “Fears of a second wave are beginning to cause anxiety in the stock market,” said Torsten Slok, chief economist at Deutsche Bank Securities. An additional 1.5 million workers filed for unemployment insurance for the first time last week as pandemic-era totals topped 40 million.

Source: Washington Post June 11, 2020 13:28 UTC