Stocks are dipping today as an unexpected rise in unemployment filings startle Wall Street. Though the economy has been struggling, most investors were gaining a little more confidence with improving employment data over the last few months, so the spike in unemployment claims is a surprise. Speaking of surprises, the Republicans aspiring for the oval office criticized President Barack Obama's proposal to reduce the nation's debt and deficit spending. In the stock market, energy prices regained their upward momentum as oil is approaching $108 a barrel. Financial stocks are seeing a dip as investigators may look into some of the largest banks on suspicion of collusion to manipulate a key interest rate.
Major U.S. Indices
DJIA: 12,257.75 (-0.11 percent)
S&P 500: 1,311.49 (-0.22 percent)
Nasdaq: 2,749.55 (-0.43 percent)
Russell 2000: 822.48 (-0.15 percent)
In other news
- Are taxes on the rich really fair? Depends on your definition of fair... [Economist]
- More details on why conservatives do not approve of the President's budget proposal. [NY Times]
- Google (NASDAQ: GOOG) is expected to release their latest earnings announcement later today after the bell. This is the first for new CEO and co-founder Larry Page. [The Street]
- Could this be the sequel to The Social Network? Twitter, deemed by many as the successor to Facebook for the social throne, has its own drama going on behind the scenes. [Fortune]
- Gold keeps pushing new highs, and it might not be slowing down any time soon. [Marketwatch]
Check back for more news.
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