Small caps dip at closing; GIII, ESC and BSTC lead gainers

The market tried to stand tall through another batch of dreary economic data, but came up empty in the afternoon, with the Russell 2000 (NYSE:IWM) closing down 1.53%. Some of today’s small-cap gainers are G III Apparel Group (Nasdaq:GIII), Emeritus Corporation (NYSE:ESC) and BioSpecifics Technologies (Nasdaq:BSTC).

Other Market Watch highlights today included:

• The weekly claims report came in at 554,000, which was down from 575,000 last week, but basically in line with market expectations.
• The four-week moving average on claims rose to 543,750, which is the highest point since December 1982.
• The Philly Fed report came in at 39.3, which was up from last month’s reading, but still slightly below the consensus forecast.
• The overall employment picture in the U.S. is expected to get worse over the next couple of months.
• This morning, analysts at UBS lowered their forecast for 2009 profit estimates for the S&P 500. 
• Financial shares were on the mend today, and there were plenty of small banks near the top of the percentage movers list.
• Crude oil prices tumbled 9%, or $3.84 a barrel today, slipping to fresh four-year lows during the session
• Energy stocks paced the market’s afternoon slide, losing some 5%.

Small Cap Gainers:

• G III Apparel Group Ltd. (Nasdaq:GIII) closed 26% higher as the outerwear and sportswear manufacturer shot above the 20-day moving average for the first time since late October on solid volume.
• Emeritus Corporation (NYSE:ESC) rose 22% as the assisted-living . . .

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