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Investments / The Ticker

HW 30 stays frozen

Jobless claims swing back up to highest point since shutdown

frozen money

The HW 30 remained frozen amid a surprising surge in jobless claims reported by the U.S. Department of Labor.

"Adjusting for the holidays can make for wild swings in jobless claims, apparent in data for the December 7 week that show a huge 68,000 jump in initial claims to 368,000. Claims are now back at their highest point since the government shutdown in early October," analysts with Econoday said.

The 4-week moving average posted a less drastic rise and increased by 6,000 filings to 328,750, which is still nearly 20,000 below the month-ago trend.

"It's nearly impossible to get much of a read on the jobs market when initial claims jump back and forth so violently, a trend that is likely to extend through the holidays and into early next year," Econoday noted. "Looking at the bigger picture, though, claims are probably improving and hinting at improvement in the jobs market."

But despite the fluctuating jobs market, the HW 30 concluded the day unchanged from the prior day.

Individual stocks created a mixed bag of results.

JPMorgan Chase (JPM) finished the day up 0.43%, as Wells Fargo (WFC) ended down 0.05% and Bank of America (BAC) stayed unchanged.

On the other hand, homebuilders did not record a positive day, with Lennar Corp. (LEN), Toll Brothers (TOL) and D.R. Horton (DHI) falling 0.4%, 0.37% and 0.11%, respectively.

Other top indices also completed the day in the red, with the Nasdaq falling 0.14% and the Dow 0.66%. 

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