U.S. stocks were poised for a solid bounce after closing lower in the previous session. European and Asian markets were also higher this morning.
Initial jobless claims fell by 14,000 to 460,000 last week. Economists forecast claims would drop to 455,000. The number of people continuing to receive benefits dropped by 49,000 to 4.61 million, in line with forecast.
In a separate report, the Commerce Department said GDP in the first quarter grew at 3%. The advanced GDP was initially reported it at 3.2%, but the report still reflects a continuation of recovery. Consumer spending, which accounts for about 70% of the economy, rose at a 3.5% pace last quarter.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
