Dow loses 200 points as jobless numbers continue to grow in the millions

The Dow Jones Industrial Average sank 230 points Thursday morning. The S&P 500 lost 1%.

The financial markets opened as the Labor Department released the weekly jobless numbers. Last week 3 million Americans filed for unemployment insurance, bringing the eight-week total to more than 36 million, the department reported. 

The Dow has lost for three consecutive days, prior to Thursday's start.

On Wednesday, Federal Reserve Chairman Jerome Powell cautioned that the U.S. economy could remain in free fall if Congress does not continue pumping in relief funds.

House Speaker Nancy Pelosi earlier this week released a $3 trillion dollar spending package – a largely Democratic wish list that appear to have little chance of becoming law. Congressional Republicans, on the other hand, are pumping the breaks on the massive spending package for the moment, as they concentrate on reopening local economies and continuing to replenish the PPP fund. 

Asian and European markets were generally down on Thursday. U.S. stocks have posted losses every day this week.