Stocks drop as unemployment claims spike | TheHill

Jobless claims for the first week of December shot up to 853,000 in seasonally adjusted claims, a nearly 20 percent jump from the previous week, and the highest reading since September.

The increase comes as COVID-19 cases, hospitalizations, and deaths continue to set new records, leading states and cities to reimpose tough social distancing and lockdown measures that affect businesses. Seven-day average daily case counts are north of 200,000, and the daily death toll surpassed 3,000.

At the same time, hope that Congress would strike a deal on a $900 billion COVID-19 relief package has begun to fade, as Republicans and Democrats spar over liability protections, unemployment insurance, and aid to state and local government.