US Jobless Claims Fall, US Stocks Soar

US Jobless Claims Fall, US Stocks Soar

US Jobless Claims Fall, US Stocks Soar

$DIA, $SPY, $QQQ, $VXX

Markets in the US and Europe will be closed tomorrow for Good Friday and some world markets will also be closed on Monday.

Oversold technology shares bounced Thursday, leading a broad rally on Wall Street, as investors kicked off the extended Easter weekend on a positive note.

Filings for US unemployment benefits fell last week to the lowest level since January 1973, further evidence that the labor market remains tight, Labor Department figures showed Thursday.

Highlights of Jobless Claims (Week ended 24 March)

  • Jobless claims decreased by 12-K to 215-K (est. 230-K)
  • Continuing claims rose by 35-K to 1.87-M in week ended 17 March 17 (data reported with one-week lag)
  • 4-week average of initial claims, a less-volatile measure than the weekly figure, fell to 224,500 from the prior week’s 225,000

Key Takeaways

Claims at the lowest level in 45 years underscore a persistent shortage of qualified workers that has made employers reluctant to fire staff.

Applications for jobless benefits below the 300,000 tally are typically considered consistent with a healthy labor market.

Other aspects of the job market remain robust, with payrolls continuing to exceed expectations and an unemployment rate near the lowest since late Y 2000. Steady employment will help to sustain consumer spending, the biggest part of the economy.

The report reflects the annual revision to seasonal adjustment factors for initial and continuing claims from Y 2013 to now.

Thursday, the major US stock market indexes finished at: DJIA +254.69 at 24103.11, NAS Comp +114.22 at 7063.45, S&P 500 +35.87 at 2640.87

Volume: Trade on the NYSE came in at 998-M/shares exchanged

  • NAS Comp +2.3% YTD
  • S&P 500: -1.2% YTD
  • DJIA -2.3% YTD
  • Russell 2000 -0.1% YTD

HeffX-LTN’s Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
29 March 2018 QQQ 161.34 Neutral (-0.17) 161.01 162.59
29 March 2018 DIA 241.79 Bearish (-0.29) 238.35 243.41
29 March 2018 SPY 263.65 Bearish (-0.27) 259.11 266.33

Have a terrific Easter weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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