$DIA, $SPY, $QQQ, $RUTX, $VXX
Americans filing applications for unemployment benefits fell last week, but the 4-wk MA rose to a more than 1-yr high, suggesting the labor market was slowing down.
Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 216,000 for the week ended 16 February the Labor Department said on Thursday.
The Labor Department said claims for California, Virginia, Hawaii and Puerto Rico were estimated last week because of Monday’s Presidents’ Day Holiday. That could have exaggerated the drop in claims.
Economists polled had forecast claims falling to 229,000 in the latest week. The 4-wk MA of initial claims, considered a better measure of labor market trends as it irons out W-Wvolatility, rose 4,000 to 235,750 last week, the highest mark since January 2018.
The claims report showed the number of people receiving benefits after an initial week of aid dropped 55,000 to 1.73-M for the week ended 9 February The 4-wk MA of the continuing claims rose 2,750 to 1.75-M.
Thursday, the major US stock market indexes finished at: DJIA -103.81 at 25850.63, NAS Comp -29.36 at 7459.73, S&P 500 -9.82 at 2774.84
Volume: Trade on the NYSE came in at 855-M/shares exchanged
- Russell 2000 +16.8% YTD
- NAS Comp +12.4% YTD
- DJIA +10.8% YTD
- S&P 500 +10.7% YTD
HeffX-LTN’s overall technical analysis for the major US stock market indexes is Bullish in here.