Stocks little changed at Wall Street open
NEW YORK — Stocks are little changed in early trading, with investors wary of making big moves after a worse-than-expected weekly jobs report.
The Labor Department says new claims for unemployment benefits jumped unexpectedly to 576,000 last week. Economists had predicted a decline.
The mixed trade in U.S. stocks follows a rebound in overseas markets. In China, the Shanghai market bounced back from a sharp sell-off and the major European indexes are all up about 1 percent.
Stocks have been trading erratically this week as investors, absorbing mixed economic signals, have alternated between optimism and pessimism about a recovery.
The Dow Jones industrials are up 8 at 9,287. The Standard & Poor’s 500 index is up 2 at 998, while the Nasdaq composite index is up 3 at 1,972.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
Stock futures are losing their earlier gains on Wall Street, after a worse-than-expected weekly jobs report.
New claims for unemployment benefits jumped unexpectedly to 576,000 last week. Economists had predicted a drop to 550,000.
Stocks have been trading erratically this week as investors, absorbing mixed economic signals, have alternated between optimism and pessimism about a recovery.
Traders will get additional insight into an economic rebound when the Conference Board issues its Leading Economic Indicators for July at 10 a.m. EDT.
Dow Jones industrial average futures are down 3, or 0.03 percent, at 9,273. Standard & Poor’s 500 index futures is up 0.40, or 0.04 percent, at 997.50, while Nasdaq 100 index futures are down 1.75, or 0.1 percent, at 1,597.00.
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August 20th, 2009 at 6:47 pm
Yeah the market is going to trade sideways for awhile I think.
August 21st, 2009 at 12:34 am
When is good news really bad and bad news really good.?
The market appears to be fence-sitting these days.
Based on the available signals, which team is winning? The stock buying optimists or the short-selling pessimists/
Is the bad news really good.?
Reasonably, economists had predicted a decline in the market if unemployment benefits climbed.
A government report showing new claims for unemployment benefits advanced unexpectedly to 576,000 last week.
Were they right? No. The DOW advanced.
Is good news really bad?
Bank stocks lead the gains. Good? Considering their insatiable appetite for bail outs recently, is there really a turn around . . . or are speculations they are buying their own stocks really valid.
As well the Shanghai Composite Index rebounded 4.5% today.
A plum? Or is the Shanghai indicator now replacing the Dow as the index setter?
.
“The last refuge of sense and sanity is riding the volatility”, says E. Smarba, Professor Emeritus of Finance. He’s a master at profiting from these fluctuations . . . up or down.