Industrial average now at 10,912.
NEW YORK (AP) — Stocks seesawed Thursday as traders balanced
slightly better news on jobs against mixed results from PepsiCo
Inc. The Dow Jones industrial average came within two points of
11,000 before turning slightly lower.
The Labor Department said first-time claims for unemployment
insurance fell last week, a better result than analysts were
expecting. Retailers including Macy’s Inc., Abercrombie & Fitch and
Limited Brands Inc. reported better-than-expected monthly
sales.
Many traders were holding back ahead of the release Friday of the
government’s closely watched monthly employment report, which is
the most important event on the economic calendar and very often
determines which way stocks and bonds will trade. Economists expect
the unemployment rate climbed to 9.7 percent last month from 9.6
percent in August.
Claims for unemployment insurance have been falling steadily in
recent weeks, but still indicate that employers aren’t ramping up
hiring. Payroll company ADP said Wednesday that private employers
slashed jobs in September for the first time in seven months.
High unemployment remains a main obstacle to stronger economic
growth. Worries about jobs had been keeping a lid on spending in
recent months, though retailers reported Thursday that sales
improved modestly in September.
