U.S. stock prices tumble as a result of increase jobless claims. The Dow Jones Industrial Average fell 1.7%, slinking to 10196. Stocks for Coca-Cola, Caterpillar, J.P. Morgan, Nasdaq, and Standard & Poor all fell. Institutional broker and chief market strategist for BTIG, Mike O'Rourke, said "Today's number was very important. That will set the trend going into next week's February jobs report."
The Labor Department reported that jobless claims raised by 22,000 last week, thereby raising the total jobless claims to 496,000. Economists had predicted decreases based on earlier data of at least 13,000. "The fact that the moving average has turned higher is a cause for near-term concerns," Brian Belski, chief investment strategist at Oppenheimer Asset Management, declared and voiced investor's fears.Euro zone, Crude-oil prices, and the yen to dollar ratio also furthered investors' concerns.