Many market participants view the sell-off as a bout of turbulence rather than the start of a deeper slide.“If (the stock market) today closes up, even if they’re small gains, that’s going to give more confidence back to Wall Street participants to feel more comfortable to get back in,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.The CBOE volatility index edged up on Thursday. The index hit a near three-month high at the start of a historically tumultuous September. Investors have also remained cautious as data paints a mixed picture of U.S. economic health.The number of Americans filing new claims for unemployment benefits remained high last week, Labor Department data showed, as layoffs and furloughs persisted across industries.A separate report showed U.S. producer prices rose slightly more than expected in August as the cost of services increased solidly.The U.S. Senate on Thursday killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing.At 2:25 p.m. EDT, the Dow Jones Industrial Average was down 274.17 points, or 0.98%, at 27,666.3, the S&P 500 lost 41.27 points, or 1.21%, to 3,357.69 and the Nasdaq Composite dropped 153.66 points, or 1.38%, to 10,987.91.Energy stocks dropped 2.5% as oil prices extended losses after U.S. data showed a surprise build in crude stockpiles last week and on forecasts for lower global oil demand.(Reporting by Herb Lash in New York and Medha Singh and Devik Jain in Bengaluru; Editing by Maju Samuel and Matthew Lewis)
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