Weekly Jobless Claims Spike

The three-week jump in stock prices has been, according to many traders, a result of economic results coming in "better than expected." The message: It could have been worse, so let's be happy.

But this morning, traders are learning that the number of people filing for first-time unemployment claims last week jumped more than expected. Claims increased 12,000 to 669,000, the highest rate since 1982.

"It would be an exaggeration to call this a firm rebuttal of the better data of recent weeks, but it is nonetheless quite striking," Ian Shepherdson, chief U.S economist for High Frequency Economics, wrote in a note to clients.

-- Michael Rosenwald