In The news...

The Labor Department reported this morning that weekly initial jobless claims were unchanged in the latest week at 370,000 and just above expectations of 365,000. The four-week moving average, which smoothes out seasonal abnormalities, fell to 375,000. The Philadelphia Manufacturing index dropped by -5.8 in May after an 8.5 gain in April and well below expectations of 8.8. Within the report, the index for new orders fell four points, from 2.7 to -1.2, its first negative reading in eight months. The current employment index, which had been positive for eight consecutive months, dropped 19 points, to -1.3. Freddie Mac reported today that home loan rates are at all-time lows this week at 3.79% and can be obtained when adding a 0.7 point on top of that rate. Facebook (FB) is getting ready to be priced tonight for its Initial Public Offering (IPO) tomorrow and looks to be priced in the $34 - $38 range, up from the previous level of $28 - $35. This would value the social media internet company at around $100 billion. The offering would raise nearly $13 billion and would make it fourth largest U.S. IPO in history.

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