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The Labor Department reported earlier today that fewer people applied for unemployment benefits last week. Applications for joblesss benefits dropped from 21,000 to a seasonally adjusted 434,000 in the week ending October 23rd, 2010. It had been anticipated that applications for jobless benefits would rise and so this news was unexpected but welcomed. Consistency is key however and this is the second week in a row that unemployment applications have dropped. Currently, the jobless rate in the United States is 9.6% and this is only a tenth of a percent lower than what the rate was at the beginning of 2010. The market index values started the day higher but have gradually yet inconsistently worked their way down as the day has progressed. Earnings reports today added to the inconsistent trend line direction as these reports are grouped as a mixed bag. Adding to the mixed stock report is the increased anxieties relating to the federal stimulus intervention plan. The intensity and duration is unknown but many are now expecting that it will be less than originally anticipated. The Dow Jones Industrial Average ended the day in the red at 11,109.63 down .15%. The Nasdaq ended the day up .16% at 2,507.37 and the S&P 500 ended up .10% at 1,183.67. The dollar fell .0087 to the euro today and the ten year treasury yield is at 2.66%. Tomorrow, the third quarter gross domestic product reading (GDP) is due before the opening bell and the Chicago regional reading on manufacturing is due just after the bell. Expectation is that the Commerce Department will report growth for the period beginning July and ending September. Author: Frank Matto
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