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Market Update: Stocks Narrowly Mixed Amid Jobless Claims Drop

Strategic Insights

— 1 min read

Stocks are experiencing a mixed session as the economy shows signs of improvement. Despite a drop in new claims for jobless aid, economists had expected a more significant decrease. The Labor Department reported a seasonally adjusted 473,000 new claims, a decrease of 31,000 from the previous week. This news has led to a narrowly mixed market, with major market ETFs, including the SPY, DIA, UYG, and others, showing minimal gains.

Key Takeaways:

  • The iShares Russell 2000 Index (IWM) is up 0.23%, while the PowerShares QQQ (QQQQ) is down 0.43%.
  • Technology Select Sector SPDR (XLK) is down 0.14%, and the iShares Dow Jones US Technology Index fund (IYW) is down 0.25%.
  • The Direxion Financial Bull 3X fund (FAS) is up 0.06%, while its bearish counterpart, FAZ, is down 0.06%.
  • C and BAC are among the busier financial stocks, with C up 0.41% and BAC up 0.39%.
  • Industrial Select Sector SPDR (XLI) and iShares Dow Jones US Industrial (IYJ) are firm, while Pharma HOLDRs (PPH), SPDR Pharmaceuticals (XPH), and iShares DJ Pharma Index fund (IHE) are mixed.
  • The SPDR S&P Homebuilders ETF (XHB) is down 0.07%, and the iShares Dow Jones Home Construction ETF (ITB) is down 0.54%.

Statistics:

  • New claims for jobless aid dropped by 31,000 to a seasonally adjusted 473,000.
  • Oil futures are above $73 a barrel.
  • Natural gas futures sank to an 11-month low after the Energy Information Administration reported a net injection of 40 billion cubic feet to natural gas storages for the week ended Aug. 20.
  • Gold is down at $1,239 an ounce.

Sources:

  • Labor Department: "New claims for unemployment benefits drop 31,000 to 473,000."
  • Thomson Reuters: "Jobless claims fall 31,000 to 473,000, but miss forecasts."
  • Platts: "Analysts surveyed by Platts had expected an increase of 37 to 41 billion cubic feet."
  • Comtex SmarTrend Alert: "As of Sunday, 08-22-2010 23:59, the latest Comtex SmarTrend Alert indicated a DOWNTREND on 08-20-2010 for BAC @ $12.87."
  • Comtex SmarTrend Alert: "As of Sunday, 08-22-2010 23:59, the latest Comtex SmarTrend Alert indicated a DOWNTREND on 05-05-2010 for C @ $4.15."
  • Comtex SmarTrend Alert: "As of Sunday, 08-22-2010 23:59, the latest Comtex SmarTrend Alert indicated an UPTREND on 07-13-2010 for DIA @ $103.68."

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