Tag: market news

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" →

After showing a strong upward move over the course of the previous session, stocks gave back some ground during trading on Friday. Selling pressure waned as the day progressed, however, and the major averages ended the session well off their worst levels.

The major averages moved roughly sideways going into the close, stuck in negative territory. The Dow fell 48.84 points or 0.4 percent to 13,437.13, the Nasdaq slid 20.37 points or 0.7 percent to 3,116.23 and the S&P 500 dropped 6.48 points or 0.5 percent to 1,440.67.

For the week, the major averages all posted notable losses. The Nasdaq tumbled by 2 percent, while the Dow and the S&P 500 fell by 1 percent and 1.3 percent, respectively. Nonetheless, the major averages all showed upward moves for the month of September and the third quarter. Continue reading "Stocks close the week with a loss" →

After moving mostly lower over the past few sessions, stocks moved notably higher over the course of the trading day on Thursday. The markets benefited from a positive reaction to the latest developments overseas as well as some upbeat U.S. jobs data.

The major averages gave back some ground in the final hour of trading but remained firmly positive. The Dow rose 72.46 points or 0.5 percent to 13,485.97, the Nasdaq jumped 42.90 points or 1.4 percent at 3,136.60 and the S&P 500 climbed 13.83 points or 1 percent to 1,447.15.

The strength on Wall Street was partly due to optimism about the possibility of further stimulus from China, with reports suggesting that the China Securities Regulatory Commission will take steps to prop up the domestic equity market. Continue reading "Stocks Move Back To The Upside" →

Stocks saw considerable weakness during trading on Wednesday, adding to the steep losses posted in the previous session. Lingering concerns about the financial situation in Europe continued to weigh on the markets along with a negative reaction to U.S. housing data.

Housing stocks moved sharply lower on the heels of the new home sales report, dragging the Philadelphia Housing Sector Index down by 3 percent. With the loss, the index pulled back further off the nearly five-year closing high it set last Friday.

M/I Homes (MHO) and Meritage Homes (MTH) posted particularly steep losses within the housing sector, tumbling by 8 percent and 7.3 percent, respectively.

Oil service stocks also moved sharply lower over the course of the trading day, dragging the Philadelphia Oil Service Index down by 2 percent. The weakness in the sector came as the price of crude oil extended a recent downward move, closing below $90 a barrel. Continue reading "Stocks fall on European unrest" →