positive sentiment continuing from Wednesday's Fed announcement to keep interest rates low gave some stability to the markets.
Meanwhile, initial jobless claims declined by 11,000, to 448,0000, in the week ended April 24, and the numbers were in line with economists' expectations. Claims are slowly decreasing following two weeks of unexpected increases earlier in the month, which Labor Department economists attribute to holiday factors, not layoffs. Even though claims are dropping, the four-week moving average for the week ended April 17, increased by 1,500 to 462,500 from the previous week's average . However, total claims that lasted more than one week decreased.
In other news, President Obama nominated three new Federal Reserve board members. Janet Yellen, current president of the San Francisco Federal Reserve Bank, is to replace Donald Kohn as Fed vice chairman. Massachusetts Institute of Technology economist Peter Diamond and Maryland state banking regulator Sarah Bloom Raskin were also nominated for the seven-member board. The Senate must now confirm the nominees.
(it’s great news and great day for Bulls)
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