A U.S. Labor Department reported showed the number of workers who filed initial claims for unemployment benefits rose last week to 496,000. Analysts were expecting a decline, but the rise could partly reflect a backlog of claims that were unable to be processed in states affected by heavy snowfall.
Separately, the Commerce Department said new orders for long lasting goods rose more than expected in January. Durable goods orders jumped 3.0%, the biggest gains since July, after an upwardly revised 1.9% increase in December.
Federal Reserve Chairman Ben Bernanke is scheduled to appear before a Senate panel. He will basically be repeating testimony he gave the House panel yesterday.
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