Philly Fed business conditions get ugly in April

The Philadelphia Federal Reserve's business index for April came in much worse than expected, the bank said Thursday.

The index sank to -1.6 from 12.4 in March, well below the expected reading of 10.0.

A reading on business inventories sank to -20.5 from -12.7 in March.

A job seeker looks over job listings during the Quad Cities career fair in Moline, Illinois.
US weekly jobless claims total 247,000 vs 263,000 estimate