honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Friday, February 26, 2010

Unexpected rise in claims sours markets


Associated Press

NEW YORK — Stocks backtracked from an early plunge yesterday but still closed lower on concerns about lingering economic weakness in the U.S.

An unexpected rise in first-time claims for unemployment insurance made for a sour mood in the market. The Labor Department said first-time claims for unemployment insurance rose by 22,000 to a seasonally adjusted 496,000. Economists polled by Thomson Reuters had forecast a drop in claims.

It was the second straight week that claims rose unexpectedly. High unemployment remains one of the biggest obstacles to a sustained economic recovery. The Labor Department's monthly report on employment will be released next week.