Stocks Seek Third Straight Up Day After Better Jobless Report

Investors are looking for a third straight up day and are clinching to a better-than-expected June initial jobless claims report to justly higher stock prices.

Dow is up 43 points, the S&P 500 is up 1.6 points and Nasdaq 500 is down 2 points.

Initial jobless claims were reported at 454,000, a decrease of 21,000 from the previous week's revised figure of 475,000 and better than the consensus of 460,000. The 4-week moving average was 466,000, a decrease of 1,250 from the previous week's revised average of 467,250.

Continuing jobless claims were reported at 4,413,000, a decrease of 224,000 from the preceding week's revised level of 4,637,000. Economists were expecting 4,600,000.

Today's report could suggest a "double dip" recession is less likely.

In addition to the positive jobless claims news, retail sales were generally better-than-expected. J. C. Penney (NYSE: JCP) and Abercrombie & Fitch (NYSE: ANF) are two big movers on strong same store sales numbers.

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