Two pieces of positive news hit the wire early in the day. First time filings for state unemployment benefits fell slightly, If that number continues to drop over the next few weeks, the rate at which people are losing jobs may actually have stabilized. Adding to the sense of optimism, the Chicago purchasing managers index rose from 31.4 in March to 40.1 in April: an extraordinary jump.
Here are the unofficial closing numbers:
Dow 8,169.00 -16.73 (-0.20%)
S&P 500 872.42 -1.22 (-0.14%)
Nasdaq 1,715.10 +3.16 (0.18%)
Several pieces of economic news had broader implications than the Chrysler event. Real consumer spending fell 0.2% in March according to the Commerce Department. That revived worries about deflation and the effect unemployment is having on consumer confidence. Consumer incomes also fell slightly.
A few of the most closely watched stocks today included General Motors Corporation (NYSE: GM) because of the Chrysler filing. For reasons which are hard to fathom, the stock was up 5% to $1.91 just before the close. The reaction to Ken Lewis being kicked out as chairman of Bank of America Corporation (NYSE: BAC) was muted. The stock traded up slightly to $8.91. The largest oil company in the world, Exxon Mobil Corporation (NYSE: XOM) said its profit fell 58% due to lower oil prices. The shares sold down almost 3% to $66.63.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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