By Anora Mahmudova and Sara Sjolin, MarketWatch
Jobless claims fall to 268,000, level last seen 15 years ago
NEW YORK (MarketWatch) -- After an initial tepid start, U.S.
stocks moved sharply higher on Thursday, with the main benchmarks
on track to wrap up the Easter-shortened week with modest
gains.
Better-than-expected jobless claims pointed to continued
strength in the labor market, setting tone for the Friday's nonfarm
payrolls.
The S&P 500 (SPX) was up 10 points, or 0.5% at 2,070 with
all of its 10 main sectors trading higher. The Dow Jones Industrial
Average (DJI) was up 100 points, or 0.6%, to 17,796. The Nasdaq
Composite (RIXF) added 18 points, or 0.4%, to 4,898.
U.S. stock markets are closed for Good Friday, so investors
won't get a chance to react to the highly anticipated jobs report
until Monday, but there might be some hints at what the market
thinks reflected in futures, which are briefly open. Read: When do
markets close for Good Friday
(http://www.marketwatch.com/story/when-do-markets-close-for-good-friday-2015-03-27)
The Federal Reserve has said it is looking closely at the labor
market when determining the time for a rate hike, so the
nonfarm-payrolls report is seen as a significant economic
gauge.
Thursday's data: Before investors can relax over the three-day
weekend, they have to chew their way through a round of economy
releases on Thursday.
Initial jobless claims
(http://www.marketwatch.com/story/jobless-claims-fall-20000-to-268000-near-post-recession-low-2015-04-02)
for the week ended March 28 fell by 20,000 to a seasonally adjusted
268,000, the levels last seen 15 years ago, the government agency
said. The number is far below the forecasts by economists polled by
MarketWatch.
The U.S. trade deficit sank 17%
(http://www.marketwatch.com/story/us-trade-deficit-sinks-17-in-february-to-354-billion-2015-04-02)
in February to the lowest level since 2009, largely because of
cheaper oil, but exports also fell to a 2 1/2 year bottom in a sign
that a stronger dollar and a weak global economy are hurting
American companies.
Also, Factory orders for February ticked up 0.2%.
Stocks to watch:CarMax Inc.(KMX) shares jumped more than 8%
after the company reported on Thursday that its fourth-quarter
profits surged 44%, as sales remained strong for the used-car
retailer. The stock was the best performer on the S&P 500.
Its rival AutoNation Inc.(AN) shares rose sharply after sales
jumped 10%.
Google Inc. (GOOG) (GOOGL) shares were hit on Thursday, making
it the worst performer on the S&P 500, after news reports that
the Europe's competition regulators is preparing to move against
the search giant in the next few weeks.
For more on notable movers, read Movers & Shakers column
(http://www.marketwatch.com/story/micron-in-spotlight-on-earnings-beat-2015-04-02).
Other markets: European stocks wavered between small gains and
losses (http://www.marketwatch.com/storyno-meta-for-guid) as
investors there were also wary ahead of the long weekend and
nonfarm payrolls. Most European stock markets are closed on Friday
and Monday.
Asia markets closed sharply higher
(http://www.marketwatch.com/storyno-meta-for-guid)for the most
part. Oil futures eased
(http://www.marketwatch.com/storyno-meta-for-guid), while metals
prices dropped across the board. The dollar traded mixed against
other major currencies.
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