Jobless Claim Drops to Lowest Level in 3 Months; Staples to Close 225 Stores

The S&P 500 achieves yet another record high as investors anxiously await the February Jobs Report that will be released tomorrow. Last week's jobless claim dropped by 26,000 to its lowest level in three months. Staples (SPLS) announced that they will be closing 225 stores by the end of 2015 in part of its $500 million cost-cutting plan. The office superstore plans to focus more on online sales since nearly half of the retailer's transactions currently take place online. According to a source close to the matter, Cerberus Capital Management is set to purchase Safeway (SWY) for $9 billion.
This deal would bring Cerberus' Albertsons and Safeway together, who represent the fifth and second largest grocery store chains by market share.

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Published on Mar 6, 2014
By InvestorGuide Staff

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