The markets took a bit of breather today.
First the scoreboard:
Dow: 15,086, -18.9 pts, -0.1%
S&P 500: 1,626, -5.7 pts, -0.3%
NASDAQ: 3,411, -1.6 pts, -0.0%
And now the top stories:
- The latest reading of weekly initial unemployment claims was much stronger than expected. Claims unexpectedly fell to 323,000 from last week’s revised reading of 327,000. This is the lowest lovel since January 2008. Economists were looking for the number to climb to 335,000. Furthermore, the Department of labour added that no states estimated their claims and there was nothing unusual in the data, so this was a clean number.
- Electric car maker Tesla shocked everyone with a big earnings announcement surprise. The company reported its first profitable quarter of $0.12 per share, blowing away the expectation for $0.03 per share. The company also raised its guidance for full-year deliveries to 21,000 units.
- It’s worth noting that the Bank of Korea announced a surprise interest rate cut last night. That follows surprise cuts from the National Bank of Poland and the Reserve Bank of Australia earlier this week. “It’s like Girls Gone Wild with rate cuts,” said Currency Wars author Jim Rickards.
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