Stocks are lower today after the government reported an unexpected jump in unemployment claims.
The Labor Department said that first-time claims for unemployment benefits rose to 474,000 last week, the highest level in eight months. Forecasters didn’t see it coming. Economists had expected claims would drop to 410,000.
Applications for unemployment benefits have increased in three of the previous four weeks.
The Dow Jones industrial average fell 52 points, or 0.4 percent, to 12,672. The Standard & Poor’s 500 index fell 6 points, or 0.5 percent, to 1,341. The Nasdaq composite fell 5 points, or 0.2 percent, to 2,822.
The weekly look at jobless claims raised fresh concerns about what the government’s monthly jobs report for April will reveal on Friday.
Economists forecast that employers added 185,000 workers in April. The unemployment rate is expected to remain unchanged at 8.8 percent.
Stronger earnings have lifted stocks over recent weeks.
General Motors Co. and Estee Lauder were among the companies reporting rising profits Thursday. GM said its earnings more than tripled on stronger sales in the U.S. and China. Despite the results, GM fell nearly 3 percent in early trading.
Estee Lauder said earnings doubled on rising sales and deeper cost-cutting. Its stock rose more than 1 percent.
The grocery chain Whole Foods Market Inc. reported earnings that topped Wall Street’s estimates after the market closed Wednesday. Higher revenue helped Whole Foods quarterly net income rise 33 percent. Whole Foods rose 2 percent in early trading.
A pair of economic reports raised doubts about the economy’s strength and weighed on markets Wednesday. Payroll processor ADP said companies added fewer jobs in April than economists had expected.
In a separate report, the Institute for Supply Management said its service sector index rose at the slowest pace in 8 months in April.
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Jim has worked as a Portfolio Manager & Financial Advisor since 1996. In May 2005, Jim founded WHI Financial Services, LLC, WHIFinancial.com, a Registered Investment Advisory firm, with headquarters in Texas. His primary focus is on portfolio management, financial & retirement planning, and financial advisory & insurance services. Jim manages investment portfolios & advises individuals, small to mid-size companies, and non-profit organizations on a variety of financial and business issues.
Prior to founding WHI Financial Services, LLC, Jim worked as a portfolio manager & financial advisor for two international investment firms. From 2001 to 2005, Jim worked with Prudential Securities (merger with Wachovia Securities, now Wells Fargo Financial Advisors), and from 1996 to 2001, he was working with Merrill Lynch. While working with both Wachovia Securities and Merrill Lynch, Jim enjoyed dual responsibilities as a portfolio manager, financial advisor and leader of the Professional Development Program.
Jim's responsibilities as leader of the Professional Development Program included, recruiting, interviewing, training, and overseeing the daily operations of all financial advisors involved in the Professional Development Program. Jim was responsible for managing between 10-20 advisors, while still managing his own client investment accounts.
In addition to his experience in the financial services area, Jim has been involved in several start-up companies. Jim's Philanthropic work includes serving as President/Treasurer of a private foundation established to provide non-profit organizations financial assistance, and Chairman/President of the Believe In Your Dreams Foundation. In 2007, Jim established the Believe In Your Dreams Foundation, a 501(c)3 organization, to help individuals who are suffering from life-altering circumstances beyond their control.
Jim has taught investment, insurance, and credit repair classes through continuing education at universities in CA & TX since 1997. Jim attended the University of Minnesota where his focus was Management & Marketing.
Jim has recently written two books, one called "Your Financial Lifecycle" a book which describes several key investment topics everyone will face throughout their life, and a book titled, "The Truth about Your Credit Score", which defines how credit scores are calculated and how you can increase your credit score, including templates which you can use to send to creditors.
Jim's books can be purchased on Amazon.com, via Author search, or by emailing him directly at JimWigen@GetWealthyStayWealthy.com.
In the Fall of 2011, Jim will be starting his radio show called, The Jim Wigen Show, Teaching You to Get Wealthy & Stay Wealthy. You can hear his shows through streaming audio by visiting JimWigen.com.
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