The markets fell into negative territory today following a disappointing unemployment report.
Initial jobless claims rose by more than expected, up 20,000 to a seasonally adjusted 362,000 last week, according to the Labor Department.
Meanwhile, the four-week moving average rose to 360,750 an increase of 8,000.
The National Association of Realtors is reporting a slight increase in existing home sales, up 0.4 percent, which was in line with expectations.
On the earnings front, Chesapeake Energy (NYSE:CHK) managed to beat expectations despite a 36 percent drop in fourth quarter earnings. Shares of the gas producer are trading higher today.
Safeway (SWY) also reported better-than-expected profit for its fourth quarter. The nation's second largest grocery chain is facing tough competition from big box stores like Target(NYSE:TGT) and Wal-Mart (NYSE:WMT).
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