Earnings News Dents Tech Shares After CA Results
Tech stocks fell as investors locked in gains after Computer Associates posted a wider loss and soft revenue outlook. Eli Lilly and Bristol-Myers rose on strong profits, while the Dow rose modestly and Nasdaq slipped. Analysts cite elevated market levels and cautious sentiment ahead of more earnings. The Labor Department reported jobless claims at 386,000, the lowest in weeks, tempering losses.
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Jobless claims dip to month long low signaling labor rebound
Unemployed benefit filings for the week ending Oct 18 fell 4,000 to 386,000, the lowest since Sept 20, marking a third straight week under 400,000 as economists view easing layoffs and improving demand. The four week moving average held at 392,250. Unemployed benefiting more than a week dropped 84,000 to 3.5 million. Fed expected to keep rates at a 45 year low, while growth projections improve.
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