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Article: Stock futures hold on to gains after labor data
- Article from:
- AP Online
- Article date:
- July 23, 2009
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Stock futures are holding on to early gains despite a report showing a bigger-than-expected rise in new jobless claims.
The Labor Department says the number of new claims for unemployment benefits rose by 30,000 last week to a seasonally adjusted 554,000, up from the previous week and more than economists had been expecting. A department analyst says the report was distorted by the timing of auto plant shutdowns.
Total unemployment benefit rolls fell to the lowest level since mid-April.
Stock futures had already been rising amid news of dealmaking and a barrage of upbeat earnings reports.
Dow Jones industrial average futures are up 40 to 8,873. Standard & Poor's 500 index futures are up 5 ...