Wall Street Opens Flat on Trifecta of Bad News
Wall Street opened up largely flat, as traders digested worse-than-expected retail, foreclosure and jobless claims numbers.
In the first 15 minutes of trading, the Dow is up about 14 points, or nearly flat.
The broader S&P 500 is up about the same, while the tech-heavy Nasdaq is up about one-third of 1 percent.
A trifecta of bad data came out this morning:
a) New jobless claims jumped to 558,000 last week, higher than the 545,000 expected.
b) Retail sales dropped 0.1 percent in July. Analysts expected a 0.7 percent jump. So much for the cash-for-clunkers bump, most of which probably will come in this month's figures.
c) Foreclosure filings hit a record high in July, up 32 percent from July of last year and 7 percent from June of this year, according to RealtyTrac, which tracks foreclosures.
August 13, 2009; 9:48 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, retail, s&p 500, unemployment
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