On the economic front, the latest reports were largely discouraging. Mid-Atlantic region manufacturing slowed sharply, sending the Philadelphia Fed Index to -10.7. That missed views and ended the index’s four-month warming trend.
Jobless claims popped 22% to 439,000 for the election week ended Nov. 10. The sizable move was partially due to Superstorm Sandy-affected people in the Northeast returning to collect claims. It was well above analyst expectations for 376,000.
Ongoing claims edged up 5% to 3.33 million, vs. an upwardly revised 3.16 million. Analysts had projected 3.1 million claims.
And the cherry on top is the S and P is dropping like a stone…
Tax the Rich!