U.S. stocks extended their slide on Thursday after an index of manufacturing activity in the Philadephia region unexpectedly fell in January. The disappointing report offered a fundamental negative catalyst into technical selling.
In addition, the Labor Department said workers filing for unemployment benefits for the first time rose by 36,000 to 482,000 last week. Economists polled by Thomson Reuters were expecting a small drop. The four-week average rose for the first time since August.
The report provided a grim reminder that while the economy might have improved modestly, a robust recovery is unlikely until companies start adding jobs. The unemployment rate remained at 10 percent last month.
The disappointing jobs report was offset partly by a batch of strong earnings reports. Xerox, UnitedHealth and Goldman Sachs were among big companies that posted better-than-expected fourth-quarter results.
The Dow Jones Industrial Average fell 131.19 points to 10,471.96. The S&P 500 Index declined 12.26 points to 1,125.78. The Nasdaq Composite Index was off 13.46 points to 2,277.79.
Yesterday’s Top Performing Small Cap stock:
Rival Technologies Inc. (OTC BB: RVTI) was a SmallCapVoice.com top performer yesterday closing up over 32% on trading volume of 79,000 shares
Rival Technologies Inc. is an innovative energy related technology company, investing in emerging technologies with extraordinary market potential. Rival has filed several provisional patents and patent applications and is focused on licensing its technology for industry use. Rival Technologies. Inc. is the parent Company of TRU Oiltech Inc. which has been developed to research alternative systems and heavy oil upgrading technology to enhance the process of moving oil sands bitumen to processing plants.
TRU Oiltech is expected to provide substantial per barrel cost savings over existing methods. Oil producers transfer millions of barrels per day of heavy crude to refiners. This very large market potential makes TRU Oiltech an exciting new venture.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Caleco Pharma Corp. (OTC BB: CAEH)
Caleco Phanrma is focused on the ongoing research and development of its broad pipeline of over-the-counter and prescription medications including its proprietary "Liver Health Formula" technology designed to treat moderate to severe liver maladies, including Hepatitis C viral infection. In addition the Company is developing Food Supplements and over-the-counter Dermatological Products based on the active ingredients found in the Liver Health Formula. To date, the Company's intellectual property covering the Liver Health Formula comprises of patent applications in the United States, Europe and Canada and four European Drug Master File applications.
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