Weekly initial jobless claims rose 15,000 to 478,000, above the forecast of 468,000. The four-week moving average fell 4,500 to 480,250, and continuing claims dipped 6,000 to 3,720,000. Overall, the trend remains to the upside, suggesting economic activity is diminishing and the labor market is weak.
The Dow Jones Industrial Average gained 172 points (2.0%) to close at 8,691, the S&P 500 Index advanced 11 points (1.3%) to 908, while the Nasdaq Composite declined 12 points (0.7%) to 1,604. Crude oil gained $1.09 to $67.84 per barrel, and gold ended down $15.20 at $720.00 per ounce.
Magnificent Seven Update
