Stocks were headed for a flat open, but the futures market turned lower following the jobless claims report. Initial claims for the week ending June 20 increased to 627,000 from an upwardly revised 612,000 in the prior week. The latest number was higher than the expected consensus decline to 600,000. Continuing claims meanwhile climbed to 6.738 million. This report may be regarded as a disappointment given the heightened expectations recently. In other economic news, the first quarter GDP was revised from -5.7% to -5.5%.
A main focus today will likely be Ben Bernanke’s testimony before the House Oversight Committee at 10:00 am ET. The Fed Chairman will testify on his role in the merger between Bank of America and Merrill Lynch.
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