School Not Off to a Peachy Start for Retailers, ETFs

Jobless claims rose unexpectedly, as well, reports Christopher S. Rugaber for the Associated Press. The 15,000 jump was unexpected, and reversed three weeks of declines.

Gas supplies fell less than expected last week, adding fuel to the thinking that high prices are continuing to curb demand and still have not fallen enough. Oil prices dropped to $107.04 a barrel. The Energy Department’s report said gas stocks fell by 1 million barrels, less than the 1.8 million-barrel drop analysts expected, says Stevenson Jacobs for the Associated Press.

The national average for a gallon of gas is $3.678.

Affected ETFs include:

• United States Gasoline (UGA), up 6.6% since Feb. 28 inception
• PowerShares DB Oil (DBO), up 22.7% year-to-date
• Retail HOLDRs (RTH), up 5.9% year-to-date
• iShares Dow Jones U.S. Consumer Services Sector (IYC), down 3.8% year-to-date