Weekly Unemployment Claims Released – Acadiana Business Index
- The Dow Jones Industrial Average lost 11 points to 12,705.
- Tomorrow, the Labor Department releases its monthly jobs report. Today, the government reported weekly unemployment claims. 367,000 filed for benefits, slightly lower than expectations.
- Investors also listened to Federal Reserve Chairman Ben Bernanke, who testified before U.S. lawmakers.
In corporate news,
- Dow Chemical fell 1.2% after the company reported earnings that missed estimates, citing deterioration in the macro environment.
- MasterCard rose 5.8% after increased card spending helped the company turn in core earnings ahead of expectations.
- And, Abercrombie & Fitch skidded 11%, the worst performers on the S&P 500, after the apparel retailer indicated that earnings would fall well short of expectations.
- Oil prices pulled back to $96.36 a barrel on weak demand and rising supplies.
- And gold closed at $1,757 an ounce.