Continued worries over European debt and disappointing economic data sent U.S. markets broadly lower as investors fled from risk.Initial unemployment claims were worse than expected, rising 25,000 to 471,000. Economists had expected claims to fall by 4,000. The four-week moving average of claims also rose, but total claims lasting more than a week fell. The latest week's unemployment data further shook investors' confidence in economic recovery amid worries that job market improvement is a long time away.
Meanwhile, the U.S. leading indicators index slipped a worse-than-expected 0.1% in April, the first fall since March 2009. Only four of the ten leading indicators rose in April, adding to fears that the recovery could lose steam.
(I am glad I am back :)
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