U.S. initial jobless claims rose by 20,000 to 350,000, according to the Labor Department. Economists were expecting 320,000. The 4 week average rose by 8,500 to 336,000, the highest level since Jan. 15.

U.S. consumer spending rose 0.5% in February, personal incomes rose 0.3%, according to the Commerce Department. Economists were expecting 0.5% and 0.4% respectevely.