NEW YORK (TheStreet) -- U.S. stocks weren't making big moves on Wednesday with volume light as investors clocked out early for the Thanksgiving holiday. But the economic calendar was stuffed heading into the holiday period, with data ranging from jobs numbers to consumer spending.
New home sales climbed 0.7% in October to a 458,000 annualized rate, lower than an estimated 470,000. Pending home sales for October were down 1.1% from September, compared to an expected 0.6% increase.
The Labor Department said jobless claims for the week ended Nov. 22 were 313,000, above 300,000 for the first time since September and higher than economists' estimates of 288,000. "Although it would take several weeks to confirm that the labor market has started to stall, the rise in the claimant count to 313,000 tends to corroborate the dim view offered by the earlier-in-the-week Conference Board confidence reading," said Interactive Brokers' Andrew Wilkinson in a note.
However, in a sign that the labor market continues to tighten, the less-volatile four-week moving average gauge remained below 300,000 for its 11th consecutive week.
Personal income in October gained 0.2% compared to a 0.2% increase a month earlier, while consumer spending climbed 0.2% compared to a flat reading in September. Economists surveyed by Bloomberg expected consumer spending to have increased 0.3% with personal income up 0.4%.
Chicago PMI slipped to a reading of 60.8 in November from a 12-month high of 66.2 in October. Analysts had expected a reading of 63.2. Thomson Reuters/University of Michigan's consumer sentiment index fell slightly to 88.8 from 89.4 in mid-November. Analysts had expected a reading of 90.