Investors got some welcome news on the job market on Thursday. The Labor department reported that new claims for unemployment benefits fell for the first time in three weeks. Initial jobless claims slipped 26,000 to a seasonally adjusted 319,000 for the week ended May 3.
Wall Street also kept tabs on Federal Reserve Chair Janet Yellen’s second day of testimony to Congress. Yellen said the Fed will continue to provide support for the economy with the housing and labor markets still weak.
On the other side of the Atlantic, European Central Bank President Mario Draghi hinted that the ECB could cut interest rates as early as next month.
In corporate news, Keurig Green Mountain (GMCR) shares closed up nearly 13% after the company’s profits last quarter rose 22% thanks to a jump in sales of its single-serve coffee packs and Keurig home brewing machines.
And Amazon (AMZN) shares closed down 1.5%. The company is expanding its Sunday delivery program to fifteen more cities, including Philadelphia, Houston, Dallas and New Orleans.
Amazon first introduced the service in November in New York and Los Angeles in an effort to attract more customers ahead of the busy holiday shopping season as part of a new deal with the U.S. Postal Service.
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