Stocks dip in volatile trading week

Stock markets dipped Thursday, adding to a volatile trading week that saw major swings in equity prices.

The Dow Jones Industrial Average closed down 102 points, or 0.4 percent, while the S&P 500 closed down 23 points, 0.8 percent.

The latest dip follows another dire week on the labor front, in which 2.4 million people applied for unemployment insurance, bringing the seasonally adjusted total since March above 38 million.

New data also showed delinquencies in home mortgages increased by a record 1.6 million in April, putting the delinquency rate at 6.45 percent.

Treasury Secretary Steven Mnuchin told The Hill on Thursday that he saw a strong likelihood of needing another coronavirus relief bill, raising the likelihood of action in the coming weeks.

The U.S. Chamber of Commerce said a bill was likely to get done before the July 4 recess.