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Stock index composites floundered downward today after an aftershock quake rocked Japan and the surrounding region. Originally listed as a 7.9 and then downgraded somewhat to a 7.1 on the Richter scale. This news will overshadow all other economic posts for the day. Earlier in the trading session, the Department of Labor reported that fewer Americans had applied for first time unemployment benefits last week. This data continued the positive trends in the employment sector as it implied that employers were hiring more and more Americans were back to work. Specifically, the Labor Department reported that the number of people applying for benefits dropped by 10,000 to 382,000 for the week ending April 2. The four week average of persons applying for unemployment benefits dropped as well to 389,500. This was another bite of good news for the U.S. economy. Sadly however, news spread today of another tsunami warning due to the 7.1 earthquake that hit Japan today. Stock index composites were directly affected. As of the halfway point of today's trading session, all three major index composites in the United States were posting red. The Dow Jones Industrial Average was lower at this point by .31 percent at 12,388.30. Oil continued to rise today and topped $110 per barrel. This is the highest per barrel price we have seen in over two years. The dollar rose against the euro and the British pound to close the day and the major indices all ended the session red. The Dow ended lower by .14 percent and finished the day at 12,409.49. The Nasdaq ended the session lower by .13 percent and finished at 2,796.14. The S&P 500 ended the session lower by .15 percent and finished the day at 1,333.51. Author: Frank Matto
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