Jobless Claims data was better than expected (367K vs previous 379K). Productivity (.7% vs. 1.9% previously) & Costs (1.2% vs -2.1% previously) was worse overall. Barely discussed, Challenger Job Cuts (53K January vs 41K December) were much worse and often this data will works its way into Friday's Employment Report.
Earnings overall were a mixed bag with early reports from Kellogg (NYSE:K), Merck (NYSE:MRK) and Macy's (NYSE:M) being well-received while Dow Chemical (NYSE:DOW), Abercrombie & Fitch (NYSE:ANF) and Ryder (NYSE:R) disappointed. (All featured in U.S. Sector, Stocks & Bond ETFs below with linked ETFs, XLP, XLV, XRT, XLB and IYT). Earnings overall are mixed and many firms are guiding lower which doesn't seem to dissuade stock market bulls.
With the Facebook announcement from Wednesday other social media stocks like Groupon (NASDAQ:GRPN), LinkedIn LNKD) and Zynga (NASDAQ:ZNGA) all rallied sharply which are constituents in GlobalX Social Media ETF (SOCL also featured below in U.S. Sector, Stocks & Bond ETFs). I don't know about you, but if I hear or see another Facebook story I'll probably hurl.