Stocks Headed Lower After Jobless Claims Report

Stocks set to fall Thursday after the federal government reported extra applications for unemployment benefits final week.

U.S. financial knowledge launched Thursday morning largely fell short of investors\’ expectations. In keeping with the statistics for the Labor Department, the number of people filing for first-time unemployment benefits jumped unexpectedly to 445,000 from 410,000 within the prior week, the highest level since late October. The rise was partly as a result of many retailers eliminated momentary holiday employees.

Kim Caughey Forrest, an analyst at Fort Pitt Capital, said that the determine was disappointing, warning that the January\’s knowledge is often much less reliable because of seasonal fluctuations.

Though growth has confirmed optimistic indicators in recent weeks, the job market nonetheless appeared to be struggling.

Then the number of people that continues to obtain unemployment checks fell to a seasonally adjusted three.88 million in the final week of 2010. The 4-week average fell to 4.06 million.

U.S. stock index futures added to losses after the jobless claims knowledge. The usual “>

Amongst stocks in focus, Marathon Oil Corp stated that it would spin off its refining and sales operations. This transfer is reported to be more versatile in making enterprise choices. Its shares rallied 10.6 p.c to $forty four.Eighty two after the report.

TTM Technologies rallied 8% after its fourth-quarter forecast hike. The printed circuit board maker raised its forecast as a result of growing demand for its high technology merchandise.

The information of buying most leases of Canadian retailer Zellers drove shares of Goal Corp. to $56.00, up 1 percent. The retailer agreed to buy Zellers for $1.85 billion to expand north.

Larger power and food costs drove enhance in wholesale costs in December. Costs rose by the biggest amount in almost a year.

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