Bad news for Bears..............

AND THE TURNAROUND BEGINS...

US initial jobless claims fall 13k WASHINGTON:Fewer Americans filed claims for unemployment benefits last week, a sign the biggest rounds of firings may be over. Initial jobless claims fell by 13,000 to 623,000 in the week ended May 23, lower than forecast, from a revised 636,000 the prior week, according to labour department figures released on Thursday. The number of people collecting unemployment insurance rose to a record in the prior week for the 17th straight time, reflecting restrained hiring. Fewer job losses reduce the risk that consumer spending, the biggest part of the economy, will falter, delaying the economic recovery projected for later this year. Still, companies will be reluctant to add workers and increase production until sales show sustained gains. “The pace of job declines is lessening,” Mickey Levy, chief economist at Bank of America said. “This along with some other indicators points to a trough in the recession.” — Bloomberg Durable sales jump to16-month high WASHINGTON:New orders for long-lasting US manufactured goods rose more than expected in April, posting their biggest gain in 16 months, according to government data on Thursday that suggested the recession was winding down April’s 1.9% increase was the biggest percentage advance since December 2007, when orders rose 4.1%, the commerce department said. But March orders were revised sharply lower, falling 2.1% from the previously reported 0.8% decline. New orders excluding transportation climbed 0.8% in April after declining 2.7% in March, boosted by orders for communications equipment, machinery and fabricated metal products. However, civilian aircraft and parts fell 6.8% after surging 7.5% in March. Non-defence capital goods orders excluding aircraft fell 1.5% in April. The prior month was revised to show a 1.4% decline.—Reuters