A line for an Oregon job fair. Image: AP Photo/Rick Bowmer

New unemployment numbers were released this morning, showing that jobless claims have dropped to a six-week low of 340,000 for the week ending March 2. That’s a decrease of 7,000. Experts had expected an increase in the unemployment claims. For the past four weeks total, we’ve reached a five-year low.

Analysts speaking to Bloomberg attribute the decrease to a slowdown in layoffs, an increase in equipment purchasing by companies, and consistent spending by consumers, even with the higher payroll taxes that were reinstated January 1.

One piece of “meh” news: the number of people who continue to receive unemployment benefits through emergency or extended provisions rose by 225,400, bringing the total number to 1.78 million for the week ending February 16. Across the country, 37 states say unemployment claims decreased. The monthly jobs report is due tomorrow.

With this bit of positive news, the Dow Jones Industrial Average opened on a continued upswing. Despite the sequester, the Dow closed at a record high on Tuesday and trumped that again yesterday, closing at 14,296.24. The increase was due to a survey showing that the upcoming jobs numbers would be good. The winning streak shows no signs of stopping, exceeding 14,330 at the open this morning.

Despite all this seeming good news, ThinkProgress reports that the number of workers who’ve only managed to secure a part-time job reached an all-time high in February.They say that only 43.3 percent of workers have full-time jobs, while 20.6 percent are working part-time. I’d be curious to know how many workers are holding down multiple part-time jobs. In June 2011, The New York Times published a story about young people who are juggling multiple part-time jobs in an effort to pursue their career goals and make a living. Perhaps that’s still true for many.

UPDATE: Things are still looking good. The Dow broke another record, closing at 14,329.49, up another 35 points. The day was particularly good for financial institutions like Bank of America. Reuters has got the full story here.

The scene this morning at the New York Stock Exchange. (AP Photo/Mark Lennihan)

Despite the ongoing sequester-pocalyse, the Dow Jones Industrial Average has reached an all-time high this morning – 14,216.70, exceeding the previous 14,198.1 high on October 11, 2007.

The stock market high was prompted by word from halfway around the world; China has pledged to inject tons of cash into its economy with the goal of reaching target growth of 7.5 percent. China’s growth fell last year.

On the other hand, investors and consumers basically have a “ho-hum” attitude towards the incessant discord in Washington.

“The stock market and the American public are looking at the political theater with a jaundiced eye,” Ted Weisberg, a New York Stock Exchange trader with 40 years experience tells The Washington Post.

Now, investors are buying stocks and other financial products like there’s no tomorrow. The Wall Street Journal offers a crash course in investor buying and selling behavior in the “bull market” in case you’ve ever wanted to test the waters.

“The Dow Jones industrial average has now erased the 54% loss it suffered in the brutal 2007-2009 bear market,” reports USA Today. The S&P 500 is also nearing record highs. The NASDAQ, however, which is rich in tech companies, is only up one percent and well off its best numbers. Google and Apple are doing pretty well this morning though. The New York Times says that, for Americans, the Dow Jones is the most recognizable of the market indexes with some of the most recognizable companies including Coca Cola and Walmart. So this drives up confidence.

If you would like to get in, get in fast. USAT points out that this positive run has been going on for a few weeks, and has gained 115 percent. Some say investors should proceed with caution, but markets around the world are rising with the occasion. The Dow reached a low point in 2009.

“The focus on profits explains why the stock market can be doing well while most people are not sensing a resurgent economy. A bet on an index like the Dow is effectively a narrow wager on the profits of 30 companies, not necessarily the economic health of average Americans,” Princeton University professor Alan S. Blinder tells the Times.

Update: The Dow kept up its winning ways to close the day at a record high, 14253.77, a level not seen since 2007. “Nearly four years into the recovery from the longest recession since the Great Depression, stocks are riding expanding U.S. factory activity, higher spending by U.S. businesses and consumers and a recovering housing market. Strong service-sector data released Tuesday added to the picture of an improving economy,” writes the Wall Street Journal. Now let’s see what happens tomorrow.

AP Photo/Richard Drew

The Dow Jones Industrial Average reached 14,000, great news for the market since the Dow hasn’t been this high since October 2007. According to The Huffington Post, the key drivers for the increase were the reports on U.S. jobs and auto sales.

Although the jobs report showed unemployment reached  7.9 percent, an increase from 7.8 percent in prior months, investors chose to focus on the positive: employers added 157,000 jobs in January and hiring was stronger over the past two years than previously thought.

However, with all these jobs being added, things don’t appear to be as upbeat for African Americans just yet. The National Journal reported that the unemployment rate for African Americans remains the highest at over 13.8 percent, although that is a .2 percent drop from last month. The unemployment rate for Hispanics is currently 9.7 percent, while Asians and whites have unemployment rates of 6.5 and seven percent respectively.

Generally the Dow can be a signal of investor confidence and even with an increasing unemployment rate the 14,000 high that the Dow reached today arguably proves that investor confidence is back.