Jobless claims fell 21K to 509K in the latest week, sort of a hopeful sign. But over 4MM are receiving unemployment checks, the highest number in 26 years. This is the kind of news which feeds into dreary retail sales figures.
•Unemployment Benefits Claimed by 4.09 Million Americans, Most in 26 Years
Retail sales for Nov are being reported & expectations are grim. Wal-Mart (WMT), a Dow stock, beat expectations with a 3.4% increase for same store sales but others, especially retailers with mall stores, suffered huge declines. BlackFriday was a better day, but results were poor for the rest of the weekend.
Wal-Mart Stores' November same-store sales rise- AP
Retailers post steep sales declines in November- AP
DuPont (DD) & Merck (MRK), 2 Dow stocks, came out with gloomy outlooks.
DuPont warns of quarterly loss, to cut 2,500 jobs- Reuters
Merck 2009 profit outlook misses estimates- AP
Oil is settling back to lower levels, in the 46s (4 year low). Expectations are prices will slip further to 40 on expectations of lower demand caused by the worldwide economic meltdown.
Oil hits near 4-year low on weak economic news- AP
Based on the continuation of gloomy stories, Dow futures in pre trading are down 100. Meanwhile the CEOs of the Big 3 are back in DC begging for $B in help. Today could be another glum day.
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