The only economic report today was the Labor Department's Weekly Initial Claims report showing the Americans filing for unemployment insurance fell by 12,000 to 350,000 in the latest week. The report was "ok" and signals that the labor market still has some hurdles to jump.
A recent study by Wells Fargo shows that the American worker might be on the job longer than anticipated in their golden years because they haven't saved enough for retirement. The survey said that 34% of the respondents will be working until at least the age of 80, up from 25% in 2011 and 30% in 2012. Within the survey it showed that 59% of the middle class say paying their monthly bills is the day-to-day main concern.
With corporate earnings season in full bloom, of the 500 companies in the S&P 500, 211 have reported so far with 77% exceeding estimates for profit, while 52% have beat sales estimates. The better than expected earnings along with continuing Fed stimulus has lifted the closely watched S&P 500 to record levels this week.
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