Stocks sink as unexpected rise in jobless claims raise and amid concerns about the economic recovery
Stocks are down sharply as concerns about unemployment are overshadowing a jump in factory orders.
The Labor Department’s report Thursday of an unexpected increase in first-time claims for unemployment is reminding investors that the economic recovery will be difficult. So they’re looking past the Commerce
Department’s news that factory orders rose more than expected in December.
Stocks are lower on weak earnings reports and economic data
Stocks declined on Wednesday after disappointing results from Pfizer and transport companies, while slower-than-expected expansion in the services sector also weighed on the market.
Pfizer Inc fell 1.6 percent to $18.75 and led a broad decline in several healthcare sectors after the world’s biggest drugmaker said quarterly earnings missed estimates and forecast profits below expectations.
Ryder fell 8.7 percent to $34.08, and C.H. Robinson tumbled 6.2 percent to $53.90, while the Dow Jones transportation average lost 1.3 percent.
Stocks are higher as pending home sales rise in December
Stocks rose modestly Tuesday as investors are betting that upcoming economic reports will show more signs of growth.
A report on the housing market in December is expected to show continued improvement in the battered sector. Major indexes rallied Monday following encouraging signs about growth in the manufacturing sector.
The shipping heavyweight UPS and candy maker Hershey joined the cast Tuesday of companies to report upbeat earnings.
Overseas markets mostly rose following gains in the U.S. on Monday. But Asian markets gave up some gains on speculation that China’s government will continue to try and curb runaway lending in an effort to avoid speculative bubbles.
Stocks are higher as personal income and consumer spending rise
Stock indexes rose early Monday as increases in personal income and consumer spending suggested the economy is slowly recovering.
The Commerce Department said personal income increased more than expected in December. Incomes rose by 0.4 percent, the sixth increase in a row and better than analysts’ expectation of 0.3 percent growth.
Consumer spending increased by 0.2 percent, its third straight monthly gain but less than the increase of 0.3 percent analysts forecast.