US jobless data - 38 000 fewer job benefits claims, and the markets go wild

SHOOT: The market is celebrating over tiny scraps of information that is negligibly positive.

clipped from news.yahoo.com The news that initial claims for jobless benefits in the U.S. dropped to a seasonally adjusted 550,000 for the week ending Aug. 1 from an upwardly revised figure of 588,000 in the previous hope helped fuel the buying after a couple of days when markets have been largely flat. "With global property markets steadying, any indications of unemployment abating should drive the markets stronger," said Philip Gillet, sales trader at IG Index. Stocks in Europe bounced back after two days of losses, with the FTSE 100 index of leading British shares up 80.60 points, or 1.7 percent, at 4,727.73 and Germany's DAX 59.36 points, or 1.1 percent, higher at 5,412.37. The CAC-40 in France rose 45.27 points, or 1.3 percent, to 3,503.80.