Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Wall Street makes mostly positive start despite rise in jobless claims

% of readers think this story is Fact. Add your two cents.


The main indices on Wall Street have made a mixed but mostly positive start to Thursday’s session despite a higher than expected rise in US jobless claims.

Shortly after the opening bell, the Dow Jones Industrial Average was down 0.07% at 33,422 while the S&P 500 rose 0.32% to 4,093 and the Nasdaq climbed 0.92% to 13,815.

Sentiment may have wobbled a little following data that showed 744,000 Americans filed for unemployment benefits last week, up from the previous week’s figure of 728,000 and higher than analysts had predicted.

Despite the increase, analysts said the figure may be attributed to backlogs in filing past claims and that the trend was still pointing downwards, with Pantheon Macroeconomics expecting “a sustained sharp decline in the second quarter” as the US economy began to reopen.

8:00am: Wall Street expected to start mostly higher

Wall Street futures are pointing to a mostly positive start for US markets on Thursday morning.

The Nasdaq Composite is forecast to open 0.89% higher, the S&P 500 up 0.34% but the Dow virtually flat. On Wednesday the Dow and S&P were positive, the Nasdaq marginally negative.

Sophie Griffiths market analyst at OANDA said: “Looking ahead, US futures are pointing to a mildly upbeat start, heading towards fresh record highs as the Fed sticks to stimulus. The tech-heavy Nasdaq is set to outperform its peers, boosted by a fall in US treasury yields and the prospect of ultra-low interest rates for longer. We continue to see further signs the rotation trade out of growth and into value has run out of steam for now.”

Later come US weekly jobless claims. Griffiths said: “The US labour market has been in focus over the past week following blowout non-farm payroll figures and better than expected JOLTS job openings. Initial jobless claims are expected to show 68,000 in the week ending 2 April, down from 719,000. A strong report could boost optimism surrounding US economic recovery and lift the greenback out of the red.”

That would be interesting in the light of the doveish comments from the US Federal Reserve, which continues to believe it is necessary to keep the monetary taps flowing to support the US economy despite the signs of recovery and worries about inflation.

Three things to watch for on Thursday:

  • Companies reporting earnings today include Corona beer owner Constellation Brands Inc (NYSE:STZ), ready meals maker Conagra Brands Inc (NYSE:CAG) and jeans retailer Levi Strauss & Co (NYSE:LEVI)
  • Bitcoin may draw some eyes after the tech billionaire co-founder of PayPal Holdings Inc (NASDAQ:PYPL) warned the cryptocurrency could be used as a “financial weapon” by China against the US dollar
  • Amazon Inc (NASDAQ:AMZN) could also hold investor attention as the ecommerce firm awaits the result of a closely-watched vote by workers at its warehouse in Bessemer, Alabama, to form a union

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/946050/wall-street-makes-mostly-positive-start-despite-rise-in-jobless-claims-946050.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.