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Dow 9714.70 -59.32, Nasdaq 2093.81 -15.43, S&P 1024.40 -6.31
Stocks are trading off their lows after starting the next quarter in the red.
Wall Street traders had plenty to worry about after the Jobless Claims, Pending Home Sales and ISM Index all missed expectations.
First the labor department said that jobless claims rose to 472,000 for the week of June 26th. Economists were looking for claims to drop to 455,000. Initial claims for unemployment insurance benefits are moving in the wrong direction, and many are questioning President Obama’s policies since they appear not to be working and the only sector showing job growth is government jobs.
Then the slide intensified after pending home sales figures showed a -30.0% month-over-month drop for May. Economist had only expected a decline of only -12.5%.
Additionally, the ISM Manufacturing for June came in at 56.2, well below the expected reading of 59.0.
In stock news Microsoft (MSFT) 23.20 +0.19, +0.83% announced that they are discontinuing their Kin cell phone just two months after its release.
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