Jobless Claims at 14 year Lows

Initial unemployment benefit claims dropped to the lowest level in 14 years, decreasing by 23,000 to 264,000 in the week ended Oct. 11. This was well below expectations of 290,000 and the fewest claims since April 2000. The four-week average of claims declined to 283,000, marking the lowest level since June 2000, and down from 288,000 in the prior week. Even with the stronger readings, stocks remained in negative territory.