Good day! The market has had a tough time swallowing this week's economic data. Thursday's session was a choppy one as expected, thanks to the extreme selloff we experienced on Wednesday, but Friday is off to a rough start as well. The market did trade in a range throughout Thursday, but the range itself left a decidedly negative tone heading into afterhour’s trade following only gradual upside throughout the afternoon. Only the Nasdaq managed to hang onto some of those gains. Both the Dow Jones Ind. Average and S&P 500 ended the day in slightly negative territory. Retail stocks were amongst the worst performers for the day.
Dow Jones Industrial Average
Thursday morning's jobless claims report showed that the labor market remains highly unfavorable for job-seekers. Claims continued to remain above 400,000 for the 8th straight week last week with 422,000 Americans filing for first-time unemployment benefits. This was worse-than-expected. Those filing for ongoing claims did drop slightly... by 1,000 to 3,711,00. At these levels, few were left expecting any sort of dent in unemployment rate.