Massive US layoffs continue

NEW YORK: Total US layoffs caused by the coronavirus pandemic reached 44.2 million even as businesses try to reopen, and analysts warn of continuing damage to the world’s largest economy as Covid-19 shows few signs of abating.

Wall Street stocks plunged Thursday, reversing recent momentum as traders became spooked by resurgent cases of the virus in parts of the country and new Labor Department data showed another 1.54 million workers filed for unemployment benefits last week.