Thursday, September 15, 2011

Market comments for Sept. 15th, 2011

Initial Jobless Claims for the week ending 9/10 came in at 428K. Expectations were for only 410K. This number is a 2 month high. The previous week's data was also revised upward from 414K to 417K. Also released this morning was the Empire Manufacturing number. It came in at -8.8 compared to an expectation of a -4.0 reading for September. August's data was a -7.7 reading.

Industrial production came in at 0.2% for August against an expectation of 0.0% and a reading in July of 0.9%. CPI for August was reported at 0.4%, while the expectation was for 0.2%.

These bits of data do not show an economy in recovery, but quite the opposite. In spite of this, the stock market rallied at the open and the Dow was up about 100 points at 7:00am PST. So much for bad news affecting the markets.

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