Jobless Claims had only a Mild Impact, The Dollar Continues to Show Weakness

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Jobless Claims had only a Mild Impact, The Dollar Continues to Show Weakness

Post  harpal1980 on Fri Oct 23, 2009 10:00 am

Even though Further Job losses weighed on the start of the U.S session yesterday, stronger than expected earnings, started an intraday rally that led the indices to close in green. The trading day started out on a negative note as fundamental data, disappointed. Initial Jobless Claims surprised investors during pre-market hours, showing that after two consecutive weeks of declines, the employment market is still dealing with its share of issues. The number came out higher than expected at 531k compared to a projected 515k.

Throughout the intraday session, large names such as Amazon and AT&T which all showed better than expected results, helped to drive the indices higher. Furthermore the financial sector jumped higher by over 2% as companies such as Travelers Cos. Inc exploded, to close the session with a 7.66% gain.

From a technical point of view the stock jumped higher after bouncing off its 50 day moving average. Furthermore it cleared its prior high accompanied by large volume.

Travelers Cos Daily Chart



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harpal1980

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