A report showing a bigger than expected drop in initial jobless claims may help push stocks higher, although a separate report showing a contraction in first quarter GDP is likely to limit any early strength on
Economists had been expecting jobless claims to dip to 317,000 from the 326,000 originally reported for the previous week.
On the other hand, the
The bigger than expected drop primarily reflected a downward revision to private inventory investment and an upward revision to imports, which are a subtraction in the calculation of GDP.
"But that bigger first-quarter drag means that we are likely to see a bigger bounce back in the second quarter," he added.
Not long after the open, the
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
After showing a lack of direction throughout much of the session, stocks came under pressure in the latter part of the trading day on Wednesday and closed modestly lower. The pullback ended a four-day winning streak by the markets.
The major averages ended the day in negative territory but off their lows for the session. The Dow dipped 42.32 points or 0.3% to 16,633.18, the Nasdaq slid 11.99 points or 0.3% to 4,225.07 and the S&P 500 edged down 2.13 points or 0.1% to 1,909.78.
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