Jobless Claims Drop for Fourth Straight Week, Pushing Stocks Higher

More good news for the economy. Weekly jobless claims fell by 9,000 to a seasonally adjusted 280,000, less than expectations of 290,000.
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More good news for the economy. Weekly jobless claims fell by 9,000 to a seasonally adjusted 280,000, less than expectations of 290,000. This marks the fourth week in a row that claims for unemployment benefits fell. Just yesterday, government data showed gross domestic product, the broadest measure of economic activity, up 5% during third quarter, a firm confirmation that the economy is gaining strength. This helped push stocks to record levels, with the Dow Jones Industrial Average closing above 18,000 for the first time ever. The markets welcomed the news about falling weekly jobless claims, with all major stock indexes beginning Wednesday's shortened trading day up across the board. TheStreet's Scott Gamm reports from New York.