The advance seasonally adjusted insured unemployment rate was 2.0 percent for the week ending July 23, unchanged from the prior week's unrevised rate of 2.0 percent.

The advance number for seasonally adjusted insured unemployment during the week ending July 23 was 2,581,000, a decrease of 18,000 from the preceding week's revised level of 2,599,000. The 4-week moving average was 2,592,000, an increase of 2,250 from the preceding week's revised average of 2,589,750.


INTERNATIONAL MARKET NEWS

European markets closed lower, reflecting bank shares decline after quarterly results from France’s Societe Generale and Royal Bank of Scotland and decrease of oil stocks, erasing earlier gains. In the market focus were interest rates as the Bank of England cut its benchmark rate to 4.5% for the first time since July 2003. Averages in Germany slipped 1%, in France lost 0.8%, and in the U.K. declined 0.2%. Crude-oil prices fell below $61 a barrel. The euro slipped 0.2% to $1.7753.

Asian benchmarks closed lower with the Japanese Nikkei down 0.8% ahead of political uncertainty, retreating from a 15-month high on profit-taking in automakers, banks and select blue-chip stocks. The other regional markets followed the suit as Hong Kong’s Hang Seng lost 0.1%, South Korea’s Kospi dropped 0.5%, and Taiwan’s Straits Times was down 0.2%. In Tokyo the dollar was trading at 111.17 yen.

European markets traded lower at mid-day ahead of an unexpected interest rate cut from the Bank of England and bank stocks down after earnings reports from France’s Societe Generale and Royal Bank of Scotland. Oil shares also erased some of their recent gains after an overnight decline of oil prices below $61 a barrel. The German DAX 30 was flat, the French CAC 40 lost 0.3%, and London’s FTSE slipped 0.1%.


ENERGY, METALS AND CURRENCIES MARKETS

Crude-oil futures climbed 2% to trade as high as $62.06 a barrel on supply concerns and political uncertainty. Light sweet crude for September delivery was last quoted 84 cents up at $61.70 on the NYME. Heating oil September delivery rose 1% to trade at $1.705 a gallon. Natural-gas gained 3%.

Gold futures advanced to $445 per ounce on unstable U.S. dollar and possible strike of mineworker unions in South Africa. Gold for December delivery was last traded at $444.20 bid per troy ounce. September silver fell 4.2 cents to $7.265. Copper for September delivery dropped 1.25 cents to $1.659 a pound.

The U.S. dollar fell against the euro which traded at $1.2337, down from $1.2332. The British pound fell to $1.7756, down from $1.7792 after the Bank of England cut its benchmark rate to 4.5%. The dollar bought 110.92 yen, down from 111.38.

EARNINGS NEWS

Alpha Natural Resources, coal producer, reported 2Q net profit of 43 cents a share vs. 83 cents last year on strong coal prices and overall coal margin, meeting analysts’ estimates.

Ross Stores, off-price apparel retailer, posted 17% total sales increase of $362 million and 7% same-store sales increase.

Health Net, health care provider, reported 2Q net income rise of 47 cents a share compared with 36 cents a year ago, missing estimates of 55 cents a share. The quarterly results include 8 cents litigation charge.

Radio One posted 2Q profit rise of 19 cents a share, up from 12 cents a year ago on 18% higher broadcast revenue, beating estimates of 16 cents a share.

Jo-Ann, fabric and craft retailer, announced 2Q 3.5% higher total sales but 0.5% lower same-store sales. The company expects a quarterly loss of 22 to 24 cents a share, citing softer-than-expected sales.

Dollar Tree Stores, discount retailer, posted 2Qtotal sales increase of 9.2% but same-store sales decrease of 1.5%. The company sees 2Q earnings in the range of 25 to 27 cents a share.

J.C.Penney, department-store chain, reported July same-store sales increase of 1.6% and total sales growth of 2.1%, or $1.185 billion.
New Century Financial posted 2Q profit decline of $1.65 a share vs. $2.46 last year on higher operating expenses, beating estimates of $1.54.