Market Shows Little Reaction To Jobless Claims

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Following an in line jobless claims number of 283,000 versus consensus of 285,000 and a stronger FHFA House Price number of 0.5 percent versus expectations of 0.3 percent, the market showed little reaction, trading sideways around the 1940 level on the S&P 500 futures.

The index of leading economic indicators, or LEI, came out at 10 a.m. EST, printing at 0.8 percent versus expectations of 0.6 percent. The LEI was what set off the rally, as S&P 500 futures moved up 7 points from 1940 to 1947 in the 15 minutes following the release.

After trading up to 1952, the S&P 500 futures backed down to the 1947 level that marked the post LEI level.

New Home Sales are the only major economic release on the docket for Friday.

Posted In: NewsEcon #sIntraday Update
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