New claims for unemployment benefits unexpectedly fell last week, reaching their lowest level since July. Initial claims totaled 434,000, which is down 21,000 week-over-week and well below the 455,000 expected. Continuing claims fell 122,000 to a two-year low of 4.356 million. This is the only economic report being released today.
On the earnings front, Dow Chemical, Eastman Kodak, Motorola, Visa, and 3M all beat analysts’ estimates. Avon and Colgate Palmolive were among the companies whose results disappointed. Microsoft is among those reporting after the bell.
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