Stocks fell yesterday as bond yields spiked and GM stepped closer to bankruptcy. Today the futures market indicates a slightly higher start.
Initial jobless claims dropped 13,000 to 623,000 from a slightly revised 636,000. Still, continuing claims rose to another record around 6.8 million. Meanwhile, durable-goods orders rose 1.9% in April, but enthusiasm for the gain was tempered by a sharply lower revision for March. That number was originally reported as a 0.8% drop, but was revised to show a decline of 2.1%. Still to come is data on new home sales.
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