S&P 500 down from five-week high as Covid-19 fears weigh on investors

The Dow Jones Industrial Average fell 123.53 points, or 0.46 per cent, at the open to 26,746.57

Wall Street's main indexes fell on Thursday with the S&P 500 slipping from a five-week high as concerns about the economic toll from rising coronavirus cases nationwide were amplified by data showing elevated levels of unemployment claims.

US retail sales increased more than expected in June, but a resurgence in new Covid-19 cases is chipping at the budding recovery, keeping 32 million Americans on unemployment benefits.

The jump in domestic case loads has forced states such as California to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about