Stocks Slip On Retail Worries And Oil Surge
Wall Street drifted lower as February retail sales underwhelmed and oil prices rose. The Dow fell 28.02 to 11025.51 while the S&P 500 slipped 2.10 to 1289.14 and the Nasdaq declined 3.53 to 2311.11. Bond yields rose and the dollar weakened amid mixed economic signals. The Labor Department said first-time jobless claims rose to 294,000, remaining under 300,000 for the seventh straight week. The Fed meets March 28 and is expected to lift the rate to 4.75 percent. Overseas markets posted modest losses with mixed regional indices.
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Unemployment Claims Rise Slightly In Early Year
Washington reports 294000 Americans filed for unemployment benefits last week, up 15000 from the prior week. Analysts say seasonal adjustment issues from February weather and holidays explain part of the increase, but continuous claims remain under 300000 for seven weeks, signaling a solid labor market rebound.
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Washington
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Rates on 30 year mortgages fall again this week
Freddie Mac reported 30 year fixed rate mortgages averaged 6.24 percent this week, down from 6.26 percent last week. After early year rise, rates had a brief three week decline, then four straight increases, with little movement analyst note and expect modest changes unless the Fed boosts rates to curb inflation.
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Freddie Mac
Federal Reserve
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