Market Mixed After Jobless Claims Data

1:00pm (EST) The Dow is struggling to hold the 10,000 level but the bulls have been trying. Futures were pointing towards a strong open this morning BEFORE the Initial Jobless Claims report came out at 8:30am (EST). Once the news was released futures slipped after the report showed a rise for the week as claims came in at 531,000, versus expectations of 515,000 and compared to 514,000 last week. Currently the Dow is up 52 points to 10,001 and the S&P 500 is up 1 tick to 1,081. The Nasdaq is lower by 7 points and is at 2,143. The dollar is higher which has pushed commodity prices lower, and is weighing on Energy and Materials stocks. There are a few bright spots however. 3M (MMM, $78.52, up $2.19), AT&T (T, $26.41, up $0.47), McDonald’s (MCD, $59.56, up $1.23) and Travelers (TRV, $50.72, up $2.71) are all higher after reporting better-than-expected earnings. McDonald’s reported earnings of $1.15 a share, which was 4 cents higher than the Street’s estimate of $1.11, although revenue for the quarter came in just below estimates of $6.1 billion at $6.05 billion. The stock is rallying today but its CEO did say the “declining informal eating out market around the world” could hurt October sales and that they would be “flat to slightly negative”. We will get some fireworks after the close in the Financial sector today as American Express (AXP, $35.13, up $0.03) and Capital One Financial (COF, $37.50, up $0.87) report earnings after the bell. If we get some good news that consumers are repaying loans then we could rally. If both companies are struggling to collect debt, that could help the bears case. Microsoft (MSFT, $26.40, down $0.18) reports on Friday… As usual, we will be back in the morning with an update on the market and our Current Trades. If you are not yet a subscriber, you can join anytime today and by tomorrow morning by 8am (EST) to get Friday’s update. The market could be setting up for a big move over the next few weeks and we will be here twice a day bringing you the updates.]]>

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Market Mixed After Jobless Claims Data

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