As reported by the Labor Department, more first-time claims for jobless
benefits were filled during the previous week. The number of applications for
unemployment insurance payments increased by 34,000 to 386,000, as a schedule
of automobile plant layoffs changed. Soon after the report, U.S. stocks jumped.
The contract on the S&P 500 Index
maturing in September increased by 0.3 per cent to 1,372, while yields on government's
10- year Treasury note jumped 0.1 per cent to 1.51 per cent.