The stock market ended a winning streak that was highlighted by three straight days of triple-digit gains in the Dow.
First, the scoreboard:
- Dow: 15,300.6, -25.9, -0.1%
- S&P 500: 1,683.4, -5.7, -0.3%
- NASDAQ: 3,715.9, -9.0, -0.2%
And now the top stories:
- The Dow Jones Industrial Average has never seen four straight days of triple-digit gains.
- At 8:30 a.m. ET we learned that initial weekly jobless claims plunged to 292,000 from 323,000 a week ago. This number blew past economists’ expectation of 330,000 This was the lowest reading since April 2006.
- However, the Department of Labour simultaneously explained that the number was artificially lowered by the fact that two states were in the process of upgrading their computer systems. “No states estimated jobless claims last week, the Labour Department spokesman said as the report was released to the press,” reported Bloomberg’s Jeanna Smialek. “A larger state and a smaller one that retooled their computer networks still provided the Labour Department with applications counts.”
- “There are currently unverified reports that the two states may have been Texas and Rhode Island, and while we cannot confirm the claim, if this were the case, the recent trend in claims in Texas has been on a downward trajectory in recent weeks and it would have accounted for only about 15K of the decline,” said TD Securities Gennadiy Goldberg. “Rhode Island, on the other hand, would have had a much smaller impact, account for about 1.2K. In this case, the claims figure may still have improved more than the market expected.”
- The Treasury Department reported today that the budget deficit shrank to $US147.9 billion, down from $US190.5 billion a year ago. Economists, however, were looking for a deficit of $US146.0 billion. Government spending outlays were $US333 billion, while receipts were $US185 billion.
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