Stock Futures Fall as Jobless Claims Climb
NEW YORK ( TheStreet) -- Stock futures were falling Thursday after the Labor Department reported a rise in weekly initial jobless claims and investors eyed a summit of European Union leaders in Brussels with caution.
In China, third-quarter gross domestic product rose 7.4% from a year ago, which was as expected by economists surveyed by Reuters. Industrial production and retail sales data for September came in a bit above expectations.
Futures for the Dow Jones Industrial Average were down 8 points, or 9 points below fair value, at 13,481. Futures for the S&P 500 were down 3.89 points, or 2.55 points below fair value, at 1453. Futures for the Nasdaq were down 9.50 points, or 8.22 points below fair value, at 2761.
The Labor Department said initial jobless claims for the week ended Oct. 13 rose by 46,000 to 388,000 from the previous week's upwardly revised figure of 342,000. The four-week moving average was 365,500, an increase from the prior week's 364,750.Continuing claims for the week ended Oct. 6 fell 29,000 to 3.252 million from the preceding week's upwardly revised level of 3.281 million. On average, economists were expecting initial jobless claims of 365,000 and continuing claims of 3.275 million. "After all the confusion
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