The modest losses came as the government reported a slight rise in new claims for unemployment benefits. The Labor Department said initial claims for jobless benefits rose by 1,000 to a seasonally adjusted 434,000 last week. That was lower than the 447,000 analysts expected, but stock traders remain wary ahead of Friday's report on December employment.
Analysts expect the government to report the unemployment rate rose last month.
Upbeat December retail sales reports and increased forecasts lifted some retailers. Shoppers spent a little more over the holiday season, though consumer spending is expected to remain weak as unemployment remains high and credit remains tight.
Warehouse club operator Costco Wholesale Corp., The Buckle and Children's Place Retail Stores Inc. all reported monthly sales increases.
Sears Holdings Corp., which operates Kmart and Sears, Roebuck and Co., eked out a small gain and offered fourth-quarter guidance that's sharply above Wall Street estimates. Others, including Macy's Inc. and Limited Brands, raised their profit forecasts.
In early trading, the Dow Jones industrial average fell 27.96, or 0.3 percent, to 10,545.72. The broader Standard & Poor's 500 index fell 2.88, or 0.3 percent, to 1,134.26, and the Nasdaq composite index fell 8.33, or 0.4 percent, to 2,292.76.
Yesterday’s Top Performing Small Cap stocks:
VitaminSpice (OTC BB: VTMS) was a SmallCapVoice.com top performer yesterday closing up over 10% on trading volume of 17,800 shares.
VitaminSpice is uniquely positioned between the $100 billion health food/vitamin supplement industry and the multi-trillion-dollar traditional food industry. A pioneer in the emerging foodceutical industry, VitaminSpice sells vitamin- mineral- and antioxidant-infused spices and food products. Their offerings currently include Crushed Red Pepper, Ground Black Pepper, Sea Salt, Italian Seasoning, Ground Cinnamon and Granulated Garlic. A proprietary micro-encapsulation process keeps the vitamin properties locked inside--even when heated--allowing the food products to retain their full flavor.
Today’s SmallCapVoice.com Hot Stock to Watch:
Zenergy International, Inc. (Pink Sheets: ZENG)
Zenergy International, Inc. announced that its anticipated revenues have increased to $12 Million for the fiscal year of 2010. These projections have been calculated based on the current capacity of 5 Million Gallons per year; with updated projections expected as further negotiations materialize, and the plant expands to facilitate the doubling of capacity as recently announced.
By leveraging corporate relationships, the Company has successfully acquired a contracted rate for its feedstock at approximately $1.20 per gallon, factually a fraction of the wholesale standard. This factor, in combination with the increase in production based on the anticipated acquisition of an additional biofuel reactor, puts the Company in a very favorable position. These revenues generated will be announced on a disclosed date every quarter, for the purpose of keeping the financial community abreast of the Company's financial position, in consideration of the exponential nature of the growth potential.
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