Weekly initial jobless claims unexpectedly increased, rising by 8,000 to 480,000. The four-week moving average, considered a smoother look at the trend in claims, rose by 11,750 to 468,750.
Nonfarm productivity rose at a 6.2% annual rate in 4Q, below the forecast of 6.5%. Unit labor costs fell 4.4%, versus a drop of 3.5% that was estimated. Details from Bloomberg...
Factory orders rose 1.0% month-over-month in December, beating the forecast of 0.5% rise, the fourth-straight monthly increase, while November’s increase was revised slightly lower from 1.1% to 1.0%.
The Dow Jones Industrial Average fell 268 points (2.6%) to close at 10,002, the S&P 500 Index lost 34 points (3.1%) to 1,063, and the Nasdaq Composite declined 65 points (3.0%) to 2,125. Crude oil was $3.89 lower at $73.09 per barrel, and the Bloomberg gold spot price plunged $44.93 to $1,064.88 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
