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Every Success,
Jeremy
After failing to sustain an early upward move, stocks gave back ground over the course of the trading day on Thursday before ending the session nearly flat. The pullback by the markets came as traders shrugged off an upbeat jobs report.
The major averages eventually ended the session mixed. While the S&P 500 inched up 0.28 points or less than a tenth of a percent to 1,432.84, the Dow edged down 18.58 points or 0.1 percent to 13,326.39 and the Nasdaq dipped 2.40 points or 0.1 percent to 3,049.38.
The early strength on Wall Street was partly due to bargain hunting, with traders picked up stocks at reduced levels following recent weakness. Continue reading "Stocks Close Nearly Flat Despite Upbeat Jobs Report"
Hello traders everywhere! Jeremy Lutz with your mid-day market update for Thursday, the 11th of October.
A surprisingly big drop in weekly jobless claims have helped to stop the sell off Thursday despite news of a downgrade of Spain's sovereign credit rating.
The Labor Department reported that claims last week fell by 30,000 to 339,000, the lowest level since February 2008. The figures were another indication that the world's largest economy is over its summer soft patch and may be gaining traction.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
The number of Americans seeking unemployment aid plummeted last week to seasonally adjusted 339,000, the lowest level in more than four years. The sharp drop, if sustained, could signal a stronger job market.
The Labor Department said Thursday that weekly applications fell by 30,000 to the fewest since February 2008. The four-week average, a less volatile measure, dropped by 11,500 to 364,000, a six-month low.
The positive figures follow a report last week that said the unemployment rate fell in September to 7.8 percent. It was the first time since January 2009 that the rate dropped below 8 percent.
A Labor Department spokesman cautioned that the weekly unemployment aid applications can be volatile, particularly at the start of a quarter. And the spokesman said one large state accounted for much of the decline. The spokesman did not name the state. Continue reading "Jobless claims fall to 339K, fewest in 4 1/2 years"
With traders expressing continued concerns about the outlook for the global economy, stocks saw notable weakness during trading on Wednesday. The losses on the day extended a recent downward move for the markets, with the major averages falling to their lowest levels in about a month.
While most of the major sectors moved to the downside on the day, substantial weakness was visible among electronic storage stocks. The NYSE Arca Disk Drive Index fell by 3.8 percent to its lowest closing level in well over two months.
Hutchinson Technology (HTCH) and NetApp (NTAP) turned in two of the storage sector's worst performances, falling by 4.7 percent and 3 percent, respectively. Continue reading "Major Averages Fall To Lowest Closing Levels In A Month"
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