New York: The Senate finally passed a financial reform bill in response to the 2008 financial crisis, that took over a year long in the making. The purpose of the bill is to prevent another 2008-type financial crisis and provide consumers more protection.
There was other mixed news that had markets stumbling in early trade on Thursday – good news from the Labor Department, which reported that the number of Americans filing for unemployment claims fell to its lowest level since August 2008, dropping 29,000 to 429,000 people filing claims.
Economists were expecting the number of people filing for unemployment claims to be at 450,000. More good news came from JP Morgan Chase, which reported a profit of $4.8 billion, beating analysts’ expectations. The company’s CEO said there was a decline in the number of consumers defaulting or falling behind on their loans but couldn’t be sure that this would continue.
Google also announced second-quarter earnings on Thursday, which were up 24% to $1.84 billion but lower than what analysts expected. However the good news was offset by some bad news, with reports coming in that showed manufacturing in New York and Philadelphia falling sharply.
US markets ultimately ended the day with little change as it did on Wednesday. European indices were also down and the Asian markets also saw their indices fall for the day.
In commodities, US light crude oil for August delivery fell 88 cents to $76.16 a barrel while gold for August delivery gained $1.10 to $1,208.10 an ounce.
In bonds, the 10-year note ended lower to 2.99% from 3.05% on Wednesday after treasury prices rose