Stocks Fall Following Jobless Claims, Retail Data Thursday, December 1, 2:07 PM ET
Following a huge stocks rally yesterday, U.S. stock market investors are digesting a gain in a weekly unemployment gauge as well as a mixed bag of retail sales figures for November today.
The Labor Department said initial jobless claims rose by 6,000, to 402,000, for the week ending November 26. First-time filings for unemployment benefits for the prior week were revised higher, as well.
The market may be looking for clues about the government's monthly non-farm payrolls report, which comes out tomorrow.
Crude oil is trading at just above $100 a barrel. The DB Oil Fund (NYSE:DBO) is trading down .2%.
Gold is trading at about $1,748 an ounce, leading the iShares Gold Trust (NYSE:IAU) to trade down a penny and the SPDR Gold Shares (NYSE:GLD) to trade down slightly.
Investors are also looking at November sales reports from retailers today for hints of how the holiday shopping season may go.
The Dynamic Retail Portfolio (PMR), with top holdings Macy's (NYSE:M) and Limited Brands (LTD), which both exceeded analyst estimates with their same-store sales, is trading down just a penny Thursday morning.
The Retail HOLDRS (NASDAQ:RTH) ETF is trading up over .4% today, with top holdings Wal-Mart (NYSE:WMT) and Home Depot (NYSE:HD).
The SPDR S&P Retail ETF (NYSE:XRT) is trading up over .3%.
The SPDR S&P 500 (NYSE:SPY) is trading down slightly.
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