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U.S. stock futures took a dive after weekly jobless claims unexpectedly rose.

The number of people applying for unemployment benefits increased to 414,000 last week. Economists surveyed by Reuters and Bloomberg had expected a total of 405,000 new filings compared with 409,000 in the prior week.

Dow futures dropped 0.4 per cent, or 47 points, to 11,368 within minutes of the report being released. S&P 500 futures sank 0.6 per cent, or 6.7 points, to 1,192.30. Both had been teetering in and out of positive territory prior to the data.

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Now, the market is awaiting U.S. President Barack Obama's speech on job creation measures, expected to top $300-billion, due at 7 p.m. (ET).

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