Stocks drop on weak economic data
Initial jobless claims drop less than predicted. Gauge of manufacturing activity in the mid-Atlantic region falls. Sales of existing homes decline.
"Hoof-beats of Four Horseman of the Apocalypse heard in the distance....?"
Only to the keen of ear. Our president's, alas, are made of tin:
...the number of first-time requests for jobless benefits fell by 2,000 to 386,000 during the week ended April 14 from a revised 388,000 in the previous week. Economists had expected claims to drop by 10,000 to 370,000 from the originally reported 380,000, according to economists surveyed by Thomson Reuters. The four-week moving average was 374,750, an increase of 5,500 from the previous week's 369,250.
The National Association of Realtors said an annual rate of 4.48 million existing homes were sold in March, down 2.6% from 4.6 million in February. That's less than the 4.62 million economists had projected, according to Thomson Reuters.
The Philadelphia Federal Reserve Bank said its gauge of manufacturing activity in the mid-Atlantic region fell to 8.5 in April from 12.5 in March...
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