Markets Bounce Back on Reassuring Economic Datahttp://www.fool.com/investing/general/2013/06/13/markets-bounce-back-on-reassuring-economic-data.aspx Matt Thalman
June 13, 2013
This morning investors received two important economic data points: the initial jobless claims from last week and import and export pricing data. The jobless claims were expected to come in 1,000 claims lower than the previous week's but actually fell by 12,000 claims to 334,000. That's close to the levels of claims we saw prior to the recession, which is a sign that the economy has come a long way.
The prices of imports and exports dropped unexpectedly in May as a result of a weakening global economy, which could derail our own recovery here at home. The import prices were lower by 0.6%, primarily due to lower oil prices, which accounted for half of the decline. U.S. export prices slipped 0.5%, marking the third straight monthly decline. While it's good for Americans to be able to buy imports more cheaply, it hurts us when our own exports sell for less.
Despite the somewhat mixed data, the Dow Jones Industrial Average (INDEX: ^DJI) is up by 80 points, or 0.53%, as of 12:55 p.m. EDT after it lost 127 points to close below 15,000 yesterday. The S&P 500 (INDEX: ^GSPC) is up 0.67%, while the Nasdaq has gained 0.6% so far today. But as usual, we can still find a few Dow losers today.
Shares of American Express (NYSE: AXP) are on the loser list again: After falling 2.88% yesterday, the stock is down 0.4% this afternoon. One reason for the decline could be an unflattering report from Oppenheimer. The firm initiated coverage on American Express and gave the company a rating of "Perform." Citing headwi