Dow ends April on a sour note, but posts the best month since 1987 by Investing.com

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By Yasin Ebrahim

Investing.com – The Dow Jones Achieved its Best Month Since 1987 Despite the End of the Month on a Sour Note, Driven by Financial and Material Declines as Investors Reflected on New Signs of Coronavirus Damage to the Economy .

The {{169 | Dow Jones Industrial Average}} lost 1.2%, down 0.9%, while down 0.3%.

With signs that the US consumer, the backbone of the economy, is struggling as unemployment demands continue to rise, investors have apparently drawn their bullish bets on stocks.

The US Department of Labor announced Thursday a slowdown to 3.8 million, against 4.4 million last week, but still above economists’ forecasts of 3.5 million.

Consumer spending, which accounted for more than two-thirds of US economic activity last month, the largest monthly decline on record.

Financials were among the biggest declines, dropping recent gains as weaker economic data dampened expectations that a partial economic reopening would revive the job market and potentially lead to lower credit losses for large banks. Wall Street.

But large-cap tech stocks have been resilient, led by Facebook, with investors applauding the rising profits.

Facebook (NASDAQ ? increased 5.4% after social media giant announced revenue in excess of consensus estimates and said it was seeing signs of stable ad revenue after a coronavirus downturn in March .

Microsoft (NASDAQ ? gained 1.1% as the tech giant outperformed both upper and lower earnings estimates.

Twitter (NYSE :), meanwhile, closed down 7.8%, fearing that its slowdown in advertising revenue, which fell by 27% from March 11 to 31, may continue.

Apple (NASDAQ ? and Amazon.com (NASDAQ :), both of which report profits after ringing, rose 2.2% and 4.4% respectively.

Elsewhere, Tesla (NASDAQ ? gave up some gains to close down 2.3%, even though the automaker’s surprise quarterly profit set off a wave of price target upgrades from Wall Street companies.

Energy, meanwhile, fell more than 1%, boosting oil prices as concerns over supply constraints persist.

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