Some economic reports skewed positive today, but the primary stock indices were
red overall for the session. Investors are still broadly worried about the
health of the global economy as well as the state of the U.S. economy at home.
The big jobs report is due out tomorrow as well and this is giving many pause.
Investors are sidelined as they anticipate how the report tomorrow will play out
and in the mean time, the DJIA, Nasdaq and S&P 500 all traveled the red road
towards a negative close as the session approached final close this afternoon.
Some good news posted today relating to initial jobless claims. According to the
Labor Department, unemployment benefit claims dropped lower by 12,000 to 409,000
last week. This was a good sign and invoked optimism heading into tomorrows
report on jobs. The positively skewed data has allowed many to believe that the
economic data scheduled to post tomorrow might be better than expected. As the
session wraps up today, the Dow Jones is still negative by more than 115 points
at 11,497.77. Hopefully, the data tomorrow will be better and less Americans
will be in need of unemployment benefits. Frank Matto
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