"When you see bad weather, there's usually a drop in claims, and then you typically see a rebound in the next few weeks"
- Brown, chief economist at Raymond James & Associates Inc.
The number of people who applied for U.S. jobless benefits fell more than expected in the week ended November 3, however, the data was distorted by Hurricane Sandy, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits tumbled 8,000 to 355,000. The four-week moving average edged higher 3,250 to 370,500.
"When you see bad weather, there's usually a drop in claims, and then you typically see a rebound in the next few weeks," said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida.
Also Thursday, the U.S. Bureau of Economic Analysis said the U.S. trade gap narrowed in September, as demand for goods produced in the U.S. was stronger than expected. Nation's trade deficit fell to $41.55 billion, the smallest deficit since December 2010, from $43.5 billion in August.
Standard & Poor's 500 surrendered 1.22 per cent to 1,377.51. The Dow Jones Industrial Average decline 0.94 per cent to 12,811.32. The Nasdaq Composite fell 1.42 per cent, or 41.7 points, to 2,895.59.
© Dukascopy Bank SA