Market Wrap-Up for Oct.14 (BAC, PNC, JPM, WFC, APOL, STRA, more)

The usual Thursday data on jobless claims came out this morning, with the Labor Department reporting initial jobless claims unexpectedly rose 13,000 to 462,000, but continuing claims plunged another 112,000 to 4.40 million. It’s amazing how the continuing claims are tracked, where the people that exhaust their claims and no longer receive unemployment benefits are conveniently dropped from the data. That’s another reason to never get super-excited or super-scared when we hear governmental data. Tomorrow is supposed to bring us an announcement that Social Security benefits will not have an increase for the second year in a row. The reasoning behind the move? No inflation in everyday expenses. I don’t know about everyone out there, but my bills continue to scale higher, not lower. This lack of action is yet another reason to get your money to work in high-quality dividend paying stocks, so you become less reliant on Social Security for the bulk of your retirement. Earlier today we added six new names to our Best Dividend Stocks “Recommended” List , with a good mix of yield and growth (less yield/more price appreciation) plays. As I mentioned in the alert sent out to members this morning, I would prefer investors not chase any new recommendations, but instead look for pullbacks to consider establishing a position. Looking at today’s market, we heard about more deal possibilities, with AOL/Yahoo merger rumors running rampant. Elsewhere, online education plays got pasted after Apollo Group ( APOL ) pulled its 2011 outlook. Recently beaten-up Strayer Education ( STRA ) was one of the biggest losers today, getting hit hard once again. Financial stocks led today’s small drop, with names like Wells Fargo ( WFC ) , Bank of America ( BAC ) , JP Morgan ( JPM ) , and PNC Financial ( PNC ) closing in the red. Thanks for reading

Market Wrap-Up for Oct.14 (BAC, PNC, JPM, WFC, APOL, STRA, more)

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