Market Wrap 8/13/20

ByGary Kaltbaum

The market closed mixed on Thursday as traders digested the latest round of economic, earnings, and political headlines. Cisco Systems (CSCO) gapped down over 11% after reporting earnings and it was the latest big gap down from earnings season. In late July Intel (INTC) gapped down after reporting earnings and hasn’t recovered. On the economic front, the Labor Department said initial jobless claims fell to 963,000, beating estimates for 1.1M. In other news, hopes faded for an imminent stimulus deal. White House economic advisor Larry Kudlow said the talks were at a stalemate.