The previous week's average was revised down by 250 from 236,000 to 235,750.Ĭontinuing claims came in at 1,805,000 for the week ending Apr 22, decreasing 38,000 from the previous week. The four-week moving average increased to 239,250, marking a rise of 3,500 from the previous week. The previous week's level was revised down by 1,000 from 230,000 to 229,000. The Labor Department said on Thursday that initial jobless claims rose to 242,000, increasing 13,000 for the week ending Apr 29, from the previous week. However, the prices are poised to end the week in the red, and energy continues to be one of the biggest drags on the market.īrent crude settled $0.17 higher, or 0.2%, to $72.50/barrel. Oil prices ended mixed on Thursday after the European Central Bank reined in its pace of rate hike by increasing 25 bps, its smallest since last summer. Oil Prices End Freefall After ECB Slows Down Whether it achieves this remains to be seen, but currently, it is acting as a major dampener of investor mood. With cash flow being affected, the crisis might push the Fed to re-evaluate its rate-hike policy and bring a premature end to the string of hikes seen since early 2022. There is a growing feeling among investors that the regional banking crisis is serving the Fed’s agenda. However, there is a silver lining in this crisis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. JPMorgan Chase carries a Zacks Rank #2 (Buy). ( JPM Quick Quote JPM - Free Report) and Wells Fargo & Company ( WFC Quick Quote WFC - Free Report) fell 1.4% and 4.3%, respectively. Even larger banks felt the heat, as the general notion is that the crisis would entail a constraint in money flow in the economy.Ĭonsequently, shares of Marathon JPMorgan Chase & Co. This sparked a broad sell-off in the regional banking sector, and the SPDR S&P Regional Banking ETF ( KRE Quick Quote KRE - Free Report) plunged 5.5%. Per the statement, the planned sale of its $2.7 billion lender finance loan portfolio is apparently still on track, and the company has been approached by several potential partners and investors to discuss possible options, including a sale. The bank has made a statement saying that it is in talks with potential partners and investors about strategic options to deal with its woes. The crisis in the regional banking sector seems to have claimed its latest victim in PacWest Bancorp ( PACW Quick Quote PACW - Free Report), shares of which dropped 50.6% on Thursday, and an astounding 90% since the crisis hit in March. The S&P 500 registered four new highs and 27 new lows, while the Nasdaq posted 47 new highs and 412 new lows. Decliners outnumbered advancers on the S&P 500 by a 2.40-to-1 ratio. A total of 12 billion shares were traded on Thursday, higher than the last 20-session average of 10.5 billion. The fear-gauge CBOE Volatility Index (VIX) was up 9.5% at 20.09. The tech-heavy Nasdaq lost 58.93 points, or 0.5%, to finish at 11,966.40. The Communication Services Select Sector SPDR (XLC), the Financials Select Sector SPDR (XLF) and the Energy Select Sector SPDR (XLE) dropped 1.6%, 1.3% and 1.1%, respectively, while the Real Estate Select Sector SPDR (XLRE) advanced 0.9%. Nine of the 11 broad sectors of the benchmark index ended in negative territory. Twenty-four components of the 30-stock index ended in negative territory, while six ended in positive. The Dow Jones Industrial Average (DJI) fell 0.9% or 286.50 points to close at 33,127.74. All three major indexes ended in the red for the fourth consecutive session. Fears of a contagion dominated trade as larger banks also started feeling the heat. Wall Street closed sharply lower on Thursday as the regional banking crisis deepened.
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