Dow Falls Below 30,000; Salesforce Down on Report of Slack Interest

Stocks were mostly lower Wednesday, a day after the Dow Jones Industrial Average and S&P 500 closed at record highs, and following weekly jobless claims that rose in consecutive weeks for the first time since the summer.

The Dow Jones Industrial Average fell 164 points, or 0.55%, to 29,882, the S&P 500 declined 0.2% and the Nasdaq rose 0.38%.

Salesforce.com  (CRM) – Get Report was down nearly 3% on a report from The Wall Street Journal that the company has been holding talks to buy Slack Technologies  (WORK) – Get Report. Slack shares jumped 23.51%.

The number of Americans filing for first-time unemployment benefits rose to 778,000 in the week ended Nov. 21, up from a revised 748,000 the previous week and ahead of economists’ forecasts of 730,000.

“Total initial claims (non-seasonally adjusted) rose for the second week in a row, making both direction and magnitude a concern,” said AnnElizabeth Konkel, Indeed Hiring Lab’s economist. “An uptick this far into the crisis underscores that the coronavirus continues to batter the economy, and the magnitude of initial claims shows no respite from new damage. 

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