(As of 7:10 am PST)
After a 1% selloff in markets yesterday, stocks are
getting a bit of a bounce this morning on a surprise US jobs report and policy
announcement from the European Central Bank.
The number of people who filed for unemployment benefits dropped by
18,000 to 324,000 last week the Labor Department announced today. Claims are at their lowest level since
January 2008, but may reflect seasonal oddities rather than an improving labor
market. The month after Easter generally
is more volatile for claims. In any
case, the surprise number helped prop up markets in early trading. In other economic news, the US trade deficit
narrowed in March, led by a sharp decline in oil imports. The shrinking deficit will likely help Q1 GDP
as analysts were not projecting the sharp decline in their initial estimates. In Europe, ECB President Mario Draghi
announced earlier today a much anticipated interest rate cut, taking additional
accommodative measures after recent data has shown Europe continues to be mired
in recession. In Asia, markets finished
the day down. Commodity prices are
turning around with gold up 1.5% and oil higher by 0.67%. Interest rates are mostly flat, but continue
near historic lows. The average 15 yr.
mortgage rate hit a record low today of 2.56%.
No comments:
Post a Comment