Weekly jobless claims surpass psychologically important 400k level

Futures: S&P: -8.5 Dow: -54 Nas: -17.0
Fair val: S&P: -1.5 Dow: -13 Nas: -4.5

The last time claims were so high (407k) was the week of Sept. 17, 2005, at 425,000.
The four-week average of new claims last week increased by 15,750 to 374,500 from 358,750.
New jobless claims for the week ending Mar. 22 were revised upward to 369,000. Originally, claims for that week were reported at a seasonally adjusted 366,000.

By Jeff Bater, Dow Jones Newswires