Initial unemployment claims last week fell to a 51⁄2 year low, just one in a series of encouraging economic reports yesterday that sent the markets soaring to record highs.
Applications for unemployment benefits fell 19,000 last week to a seasonally adjusted 326,000, the fewest since January 2008, the Department of Labor said yesterday.
The Standard & Poor's 500, the Dow Jones industrial average and the Russell 2000 index responded by setting all-time highs. And the S&P broke through 1,700 points for the first time.
"It looks like we're strengthening a little bit," said Christine Armstrong, senior vice president at Morgan Stanley. "We're cautiously optimistic. We see things improving, but we're not off to the races right now."
Also helping to send markets higher was a positive read on China's manufacturing that helped shore up Asian markets. A trade group yesterday said U.S. factories had revved up production last month.
The Department of Labor will release July unemployment numbers this morning. The numbers could affect the markets, but Armstrong cautioned against reading too much into one set of numbers and one day of trading.
"It can be a coin toss from one day to another," she said. Still, she was hoping for positive figures today. "What I'm hearing are good numbers."
Elliot Winer, chief economist at Northeast Economic Analysis Group, said he expected the unemployment rate to go down, but was worried about the lack of progress Massachusetts has made. "We really seem to be treading water this year," he said.
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