U.S. stocks erased morning gains after initial jobless report claims rose by more than expected, Initial jobless claims for the week of March 29 increased by 16,000 to 326,000, vs. the average economist’s estimate of 317,000.
The U.S. trade deficit unexpectedly widened in February as exports hit a five-month low, suggesting first-quarter growth could be much weaker than initially anticipated. Since exports are low US imports is causing the Trade deficit to grow and stagnate which also affects the value of US dollar making it weak in the global economy.
The Institute for Supply Management said its non-manufacturing index rose to 53.1% last month from 51.6% in February. Which shows the service sector did indeed expand in March.
The S&P 500 closed off 0.11% to 1,888.75 while the Dow Jones Industrial Average finished unchanged at 16,572.42. The Nasdaq dropped 0.91% to 4,237.74.
Crude oil is up +0.06% to 100.35. Gold is also up +0.19% 1287.10.