This morning, the Labor Department said initial claims for unemployment benefits rose by 43,000 to 474,000 in the week ended April 30. Today's report came as a shock since analysts' were expecting claims to fall to 400,000. In last week's report claims had risen by 43,000 to a reading of 431,000; this week's claims is the highest reading we've seen since back in August. Today's report also showed the 4 week moving average rose by 43,000 to 431,250 as a result of the increase in claims.
Stocks were falling after this morning's news; all three major indexes were in the negative after the report. As stocks fell, the price of crude also fell; oil fell almost 6% today, making it the commodities biggest four day loss in nearly a year. Other commodities such as gold and other precious metals were on the decline again today; gold fell almost another $30 in the session taking it to $1,489.00 an ounce. As the session progressed, losses narrowed; with just under an hour remaining in the trading day, the Dow was at a loss of 45 points....
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