Market Rebounds Over Jobless Claims and GDP

jbsU.S. equities are moving higher in early trading on Thursday after labor data from the U.S. Department of Labor showed that weekly jobless claims fell last week.

The number of Americans pursuing unemployment benefits dropped 5,000 to a seasonally adjusted 305,000 which is 30,000 lower than the 335,000 estimate according to briefing.com.

The four-week jobless claim average declined 7,000 to 308,000, the lowest level since June 2007.

Meanwhile, the U.S. economy grew at a 2.5 percent annual rate in the second quarter of 2013, according to the government’s final revision of gross domestic product.

Pending home sales declined -2.5 percent in August.

Senator Majority Leader Harry Reid (D-Nevada) plans to schedule a vote on an amendment that removes the Obamacare language  from the House approved stopgap and sets an expiration date of Nov. 15th. It is expected that the Senate will pass the amended stopgap and send it back to the House by Friday  or Saturday.

If House Speaker John Boehner (R-Ohio) does not bring the Senate bill to a vote in the House, the government will shut down.

The S&P 500 has declined 1.9 percent over the past five days, largely over concerns about the budget impasse on Capitol Hill.

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