The initial unemployment claims for the week of September 4th were released by the Department of Labor today. Surprisingly, they decreased more than expected—by a total of 27,000—which helped to significantly reduce the 4-week moving average and put investors in a more positive state of mind, especially since the unemployment rate recently rose to 9.6 percent following the loss of 111,000 temporary census jobs.
In other good news, it was announced today that the trade deficit decreased during the month of July and had exceeded analysts’ expectations. The number fell by 14 percent. In addition, U.S. exports through July were up 17.9 percent. You can read the full fact sheet from the Department of Commerce here.
The Dow Jones Industrial Average rose 28.23 points to 10,415.24 while the Nasdaq climbed 7.33 points to 2,236.20. The S&P 500 rose 5.31 points to 1,104.18.
European markets were up again, showing that investors in Europe have faith in the bank stress tests as they were conducted. Asian markets were mixed.
Stocks in the news: Adobe Systems Inc (NASDAQ: ADBE), Wal-Mart Stores Inc (NYSE: WMT), Ford Motor Co (NYSE: F).
