Jobless Claims Drops to 840,000

This morning’s jobless claims report came in at 840,000. That’s a little higher than Wall Street’s estimate of 825,000. Although it’s another six-month low, jobless claims appear to be bottoming out in the range of 800,000 to 900,000. This is the sixth report in a row that fell inside that range.

In plain terms, the boost from the re-opening is gone, and it looks like the economy is stabilizing within a new, and lower, range. Of course, there are many more variables to consider and it adds extra attention to the stimulus debate in Washington.

The stock market is up again today and the S&P 500 broke above 3,440. This could be the index’s highest close in over a month. This is the S&P 500’s eighth daily gain in the last eleven sessions.

Shares of RPM International (RPM) popped above $90 this morning although it’s given back that gain. At one point, the stock was up 10% for the week. Bank of America raised its price target from $88 to $95 per share but kept its neutral rating on the stock.

Shares of Eagle Bank (EGBN) are looking at their seventh daily gain in a row. The stock has broken $30 recently but hasn’t been able to close above it.

Posted by on October 8th, 2020 at 1:25 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.