The number of new unemployment claims fell by 31,000 last week according to a report by the U.S. Department of Labor. The reduction in claims was not substantial enough to indicate a strong improvement in the economy or job market, but it is good news nonetheless. The four-week moving average now stands at 486,750. To read the full report and see the numbers, click here.
Investors were gearing up Thursday for the latest GDP data, which is to be released on Friday August 26, 2010. Mixed economic news over the past few weeks has likely led many investors to have less than high hopes for the data. This seems to have resulted in some financial bracing today as U.S. markets contracted. The Dow Jones Industrial Average lead the way, losing 74.25 points to close at 9,985.81. This is the first time the Dow has closed under 10,000 since July 6th, 2010. The Nasdaq fell 22.85 points to 2,118.69 and the S&P 500 fell 8.11 points to 1,047.22.
European markets were up today while Asian markets were mixed, Hong Kong’s Hang Seng the only market dropping points.
Stocks in the news today: AMR Corp (NYSE: AMR), Apple Inc (NASDAQ: AAPL), Netflix Inc (NASDAQ: NFLX).
