December 2016 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $464.9 billion, up 2.6% from the revised November level and up 6.8% from the December 2015 level, the Census Bureau announced. The October 2016 to November 2016 percent change was revised from the preliminary estimate of up 0.4% to up 0.5%.

In the week ending February 4, the advance figure for seasonally adjusted initial claims for unemployment insurance  was 234,000, a decrease of 12,000 from the previous week’s unrevised level of 246,000, the Labor Department reported. The four-week moving average was 244,250, a decrease of 3,750 from the previous week’s unrevised average of 248,000. This is the lowest level for this average since November 3, 1973, when it was 244,000. 

The average interest rate for a 30-year fixed-rate mortgage is 4.17%, down from 4.19% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.39%, down from 3.41%. 

Thursday, the Dow gained 118.06 points (0.59%) to finish at 20,172.40, the NASDAQ closed 32.73 points (0.58%) higher at 5,715.18, and the Wilshire 5000 was up 13.20 points (0.58%) at 2,307.87. The Russell 2000 increased 19.79 points (1.46%) to 1,378.52, and the Wilshire 5000 climbed 162.16 points (0.68%) to 24,156.21.

On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues nearly 2 to 1. On the NASDAQ, 3.0 billion shares changed hands, with a more than 2 to 1 lead for advancers.

The price of the 10-year Treasury note decreased 16/32, bringing its yield up to 2.397%. The price of the 30-year Treasury bond fell 1 3/32, increasing its yield to 3.008%. 

ON THIS DATE: In 1863, the fire extinguisher was patented by Alanson Crane. In 1870, the YWCA was founded in New York City. In 1933, the singing telegram was introduced by the Postal Telegraph Company of New York City. In 1934, the first imperforated, un-gummed sheets of postage stamps were issued by the U.S. Postal Service in New York City. In 1935, the Pennsylvania Railroad began passenger service with its electric locomotive. In 1967, the 25th Amendment to the U.S. Constitution was ratified. The amendment required the appointment of a vice-president when that office became vacant and instituted new measures in the event of presidential disability. In 1989, Ron Brown became the first African American to head a major U.S. political party when he was elected chairman of the Democratic National Committee. In 1990, South African President F.W. de Klerk announced that black activist Nelson Mandela would be released the next day after 27 years in captivity. In 2005, North Korea publicly announced for the first time that it had nuclear arms. The country also rejected attempts to restart disarmament talks in the near future saying that it needed the weapons as protection against an increasingly hostile United States.

And now it’s time for FRIDAY FILES! 

In Gulfport, Mississippi, a
man started with a lump on his stomach and it continued to grow until his
quality of life declined.  For more than
12 years, Roger Logan said physicians put the non-cancerous growth that dangled
from his midsection down to obesity, according to the local ABC News station.
Finally, a doctor realized it was a tumor. They successfully removed the
130-pound tumor from his abdomen.

In Radcliffe, England,
police were called about a burglary attempt. When they arrived at the home,
they found the would-be burglar with his head stuck in a small bathroom window,
his knees on the sill and feet dangling. It took fire crews about 20 minutes to
extricate the man from his predicament, the Manchester Evening News reports. He
injured his ear as he was being set free. He was charged with burglary with
intent.

In Lakeland, Florida, a man
was arrested after he allegedly set up the wire transfers from what the
criminal complaint described as “a large, nationally renowned financial
institution.” The man, who was unemployed, needed to pay off a debt to the
federal government, prosecutors said. His alleged scheme was to provide a bank
routing number that wasn’t his, according to NBC Miami. He used that routing
number to make more than 70 transactions worth more than $7 billion.The TV station says the man allegedly told investigators that he
believed he deserved the money, stating that “Jesus Christ created wealth for
everyone.” He told them he believed his wire transfer scheme would allow him to
“obtain the wealth that Jesus Christ created for him and that belonged to him,”
the complaint said.

In Henryetta, Oklahoma, the
town had scheduled a Valentine’s dance, but it was cancelled due to an old city
ordinance. The local ABC News station reported the organizer canceled the dance
because it would have taken place 300 feet from a church, in violation of an
ordinance that forbids dancing within 500 feet of a place of worship.Mayor Jennifer Clason says she always knew about the old city
ordinance but that it has never been enforced. Police Chief Steve Norman says
his department has no interest enforcing it.The
organizer canceled the dance because her husband is the city attorney, and he
said his oath is to uphold the law. Clason said the city council will consider
abolishing the ordinance during their meeting February 22.

In Kannapolis, North Carolina, two men
robbed a Rent-A-Center of a television. Each then got into separate cars in the
parking lot, then crashed into each other. Still they drove away, each driving
the wrong way on a nearby boulevard. Then they each got into separate car
crashes, according to the local NBC News station. Police easily caught them and
booked them on several charges.

Have a wonderful weekend, everyone!