new jobs data and comments from Federal Reserve Chairman Ben Bernanke. Initial jobless claims fell a more-than-expected 14,000 to 442,000 in the latest week, their lowest level since December 2008. Economists expected a 7,000 decrease. Total claims lasting more than one week also fell to their lower levels since the end of 2008, decreasing 54,000. The four-week moving average fell to its lowest level since September 13, 2008.
Speaking before the House Financial Committee, Bernanke said near-zero rates are still needed to support the U.S. economy, but stressed that the Fed is ready to act when the time is right.
Meanwhile, the dollar gave back some of its recent gains as the euro found footing. Reports that European Union leaders are leaning toward support Greece in conjunction with loans from the IMF helped eased sovereign debt worries.
Votes on minor provisions in the health-care bill hit a small snag that will make a second House vote likely. The setback comes as Senate Republicans make last-ditch efforts to prevent sweeping health-care overhaul.
(GOOD)
Thursday, March 25, 2010
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