The number of Americans seeking unemployment benefits last week dropped to the lowest level since the start of the pandemic. The Dow rose 105 points on the news. The S&P traded up 0.3%, and the Nasdaq Composite index gained 0.38% as markets looked to snap a three-day losing streak.
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Initial claims for unemployment insurance came in at 310,000 last week, against the estimated 335,000.
The move signals a strengthening of the job market, but also increase the potential for early tapering from the Fed.
However, continuing claims rose to 2,783,000 last week, worse than the estimated 2,740,000.
The labor shortage continues to be a concern for the U.S. economy.
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