Sandy Spurs Jobless Claims and Further Drops in Economic Data (WMT, BP)

After mortgage rates in the US hit new bottom lows on Thursday, Chairman Bernanke spoke up and said the Fed will take action to increase growth in the housing market and get past problems of tight lending. Indices continued to fall as investors predict continuing economic weakness in the wake of Hurricane Sandy. Like yesterday there was another round of negative retail reports, including the release of posting lower-than-expected earnings from Wal-Mart (WMT). On the other hand, there were several gainers in the finance sector - American International Group (AIG) and Charles Schwab Corp. (SCHW) both saw shares rise on Thursday.
The most recent jobless claims report was released today, showing a large jump to 439,000 for the past week. The price of oil has fallen for the third consecutive day. Tomorrow President Obama will begin negotiations with Congress on a deficit-reduction deal.

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Published on Nov 15, 2012
By InvestorGuide Staff

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