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October 4, 2012

Weekly jobless claims rose less than expected last week, to a seasonally adjusted 367,000, according to the Labor Department. Meanwhile, planned layoffs in September jumped, after hitting a 20-month low in August, according to the report from consultants Challenger, Gray & Christmas. “In the absence of bad news, we’ll drift higher and that’s what’s been going on,” said Brian Battle, vice president of trading at Performance Trust Capital Partners. “The economic number that matters the most is the unemployment number.”

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