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WASHINGTON—The number of people claiming new jobless benefits rose again last week, an unexpected gain fueled in part by a labor dispute at Verizon Communications Inc.
Initial jobless claims climbed by 5,000 to a seasonally adjusted 417,000 in the week ended Aug. 20, the Labor Department said Thursday. Claims filed in the previous week were revised up to 412,000 from an originally reported 408,000.
Economists surveyed by Dow Jones Newswires had forecast claims would sink to 405,000.
Bank of America shares are up 23% to $8.65 in premarket trading, from $6.99 yesterday, on news that Warren Buffett is buying a $5 billion stake.
Remember, $5 billion was the amount Mr. Buffett spent on Goldman Sachs back in September 2008. Just for the record, that did not stop Goldman’s stock price from falling, hard, for a while longer.
Anyway, this news is boosting BofA, and also giving a huge lift to the broader market — Dow futures are now up 84 points.
JACKSON HOLE, Wyo. (MarketWatch) — As prominent economists gather here for the scenic Federal Reserve’s annual summer retreat, many said they don’t expect, or even want, Chairman Ben Bernanke to try to pull a rabbit out of his hat to please the stock market.
“The Fed has shot the big cannons. They are now playing the game with smaller ammunition,” Silvia said.
WASHINGTON (MarketWatch) — The number of Americans seeking new jobless benefits rose for the second week in a row as thousands of phone workers at Verizon Communications filed claims, government data showed.
New applications for U.S. unemployment compensation rose 5,000 to 417,000 , the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000.
NEW YORK (MarketWatch) —- U.S. stocks slid Thursday after a three-day rise, once weekly jobless claims came in higher and as Wall Street braced for Federal Reserve Chairman Ben Bernanke’s speech the next morning.
“We’re starting to get some pullback because of expectations of what Bernanke will say are starting to get worked off,” according to Robert Pavlik, chief market strategist at Banyan Partners LLC.