Afternoon Markets: Banks boost Dow as job data disappoints

The Dow Jones has made a modest ascent this morning, with a good start for financials offsetting poor unemployment data.

Figures released today showed more people claimed unemployment benefits last week than the previous. However, the Dow is still 23.05 points higher (0.25%) to 9302.21. Financial stocks are advancing on news the US Government will cut its budget deficit next week after removing a $250bn provision for further bank bail-outs, with Bank of America climbing 1.79% to $17.05 and JPMorgan Chase up 1.98% at $42.23. In the UK, the FTSE 100 has consolidated this morning’s gains, up 75.85 points (1.62%) to 4765.52. Thomas Cook leads the way on yesterday’s news Arcandor’s 53% stake could be sold...