Delta’s rise weighs on stocks
Signs of pandemic’s hold on economy turn investors cautious
Stocks closed lower on Wall Street Tuesday, ending a fiveday winning streak by the S&P 500, as investors turned cautious amid more signs that the coronavirus pandemic is still holding back the U.S. economy.
The benchmark index fell 0.7 percent, its biggest decline in four weeks. Technology stocks and a mix of companies that rely on consumer spending were the biggest weights on the market as traders become more concerned about the pace and breadth of economic growth amid a resurgent COVID-19.
Those sectors tend to perform weakly in uncertain economic conditions.
The health care sector was alone in notching broad gains within the S&P 500. A mix of
companies that sell food and personal goods, along with utilities and real estate companies held up better than most of the market as investors
100 people stop in.
Many of those waiting on wooden benches in the empty shop boasted about their love for Trader Joe’s. Cilberti, a semiretired man freelancing in his downtime, said it is one of his favorite stores.
When he saw a branch was opening just down the road from his home, he jumped at the opportunity to apply for his “dream job.” He recently moved back to the area after spending 40-odd years in other parts of the country, most recently in Las Vegas. When he realized employment opportunities dried up during the pandemic he drove east.
“At this point, I’m living off of savings and I’m looking, even if I get part-time work,” he said. “We’ll see what happens.” Data from the state department of labor shows unemployment rates from June in the Albany area are well down from the height they struck in 2020. The unemployment rate spanning Albany, Schenectady and Troy reached 10.4 percent in June 2020. Today that figure has dropped to 4.7 percent.
Still, the pandemic’s impact on the workforce is glaring.
Donna Marziani has worn a few different hats in the past year as she pivoted between being laid off at an auction house and the constant back and forth of working as a parttime elementary school lunch monitor.
After months of constant maneuvering, she decided to just collect unemployment until things were less rocky at the school. “I hated it,” she said. “I’d rather be out working. Every place you go it’s hiring, hiring, hiring.”
She said she collected unemployment benefits from March to September 2020 until she could return to the cafeteria. But on Tuesday, she found herself seeking a new part-time job at Trader Joe’s.
“I’ve been waiting for this to open up for forever,” she said.