Inaction from the European Central Bank weighed on the markets today, as did the latest economic data from the Commerce Department.
On the economic front, the Labor Department said that 365,000 Americans filed initial jobless claims last week, up from 357,000 the prior week.
Meanwhile, the number of planned job cuts in July was down 1.9 percent from June to 36,855, according to Challenger Gray & Christmas.
U.S. factory orders fell unexpectedly in June, according to a report from the Commerce Department. There was a 0.5 percent drop in new orders for manufacturing goods, indicating further signs of weakness in the sector.
There was some promising news from the retail sector with many reporting monthly same-store sales that were better than expected.
Among them were Target(NYSE:TGT), Macy's(NYSE:M), and American Eagle(NYSE:AEO) which raised its second quarter guidance.
Tomorrow, all eyes will be on the government jobs report and as well as earnings results from P&G (NYSE:PG).
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