October 7th, 2010 
admin NEW YORK – Stocks edged lower Thursday, backing away from early gains, as uncertainty built up ahead of a key report on the labor market. The Dow Jones industrial average came within two points of 11,000 before turning lower for most of the day. The Dow hasn’t traded above that level since May 4, about a week after reaching its highest point of the year. Slightly better news on claims for unemployment insurance gave stocks an early lift, but the gains faded quickly as traders opted for caution ahead of today’s employment report from the Labor Department, the most crucial piece of news on the economic calendar. Stocks are coming off a historically strong performances in September, and analysts say the market will need significant doses of positive news on the economy, corporate earnings or preferably both before heading decisively higher again. The Dow Jones industrial average gained 10.4 percent in September, but is still 2.1 percent below its 2010 high reached on April 26. In economic news, first-time claims for unemployment insurance fell last week, a better result than analysts were expecting. Retailers including Macy’s Inc., Abercrombie & Fitch and Limited Brands Inc.
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