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Mid-Day Recap: Equities Search For Direction After Earnings, Econ Data
Jobless claims are down, inflation is benign, and manufacturing conditions were positive for the third straight month, but trading is jittery as investors snatch profits following the major gains yesterday. Approaching mid-day, a direction has yet to be found in equities, while yields on Treasuries are lower across the board and the dollar is trading higher against the yen and sterling.rnrn
Manufacturing Soars in New York, Tumbles in Philly
The manufacturing sector is continuing to grow for the third straight month in October. The Empire State survey shocked analysts by climbing 16 points in the month to +34.6, its highest level in five years. The Philadelphia survey was less impressive as its headline tumbled more than 2 points to +11.5, but together the regional reports point to improvement in the nationwide ISM survey.rnrnIn the New York survey, over half of the executives surveyed said conditions were improving this month, while only 17% said conditions deteriorated. The new orders index rose 11 points to +30.1 and the shipments index shot
514,000 New Jobless Claims. Lowest Read in 9 Months
Markets were given a kick of optimism this morning as another downward surprise was seen in the weekly jobless claims report. Initial claims fell to 514,000 in the week ending Oct. 10, the lowest figure in nine months. The prior week’s 520k figure was revised up to 524k.rnrnClaims have fallen in five of the past six weeks, leading the 4-week average down to 531,500, which is also the lowest since early January.
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