| Published: November 5, 2009 6:22 PM | | | Upbeat economic data helped stocks extend gains but the US dollar remained relatively flat on the day. Initial jobless claims in the US fell to 512K from 532K and the market rejoiced. Nobody bothered to report that the true continuing claims number (state and federal programs), however, remains near a whopping 9 million and has shown no improvement in recent weeks. This suggests it is still very difficult for folks who lost a job to find a new one. Equities closed up 2% on the day nonetheless and the robust correlation between strong equity markets and New York Yankees championships remains intact. » Read More | |
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