The number of people applying for unemployment benefits last week dropped more than expected, another sign of continued growth in the economy that sent the Dow yesterday to a record high close.
"The underlying trend suggests job destruction continues to decline," said Sterne Agee chief economist Lindsey Piegza. "This is a welcome step in the right direction and further reinforces the Fed's assessment of a stronger labor market."
Initial unemployment claims — which are seen as an indicator of layoffs — dropped by 42,000 to 338,000 last week while the Dow Jones Industrial Average shot up more than 122 points to close at 16,479.88. It was the biggest decline in jobless claims in a year.
The jobless report was great news for Wall Street, but because trading slows in late December, any positive or negative news is magnified, said Christine Armstrong, Morgan Stanley senior vice president.
"It's very light volume. You can skew things," Armstrong said. "We're probably going to have the same thing next week."
Roughly 3.8 billion shares were bought or sold yesterday, 38 percent below the three-month average.
Although the numbers are heading in the right direction, this time of year makes jobless claims difficult to read, Piegza said.
"Claims are particularly volatile this time of year," she said.
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