Market Rebounds to Finish Higher
The U.S. equity market cut back early losses to finish the day higher, with all three major indexes ending in green. The Dow Jones ended the day 0.09% higher at 11,356.51, the S&P 500 ended the day 0.44% higher at 1,218.75 and the Nasdaq ended the day 0.62% higher at 2,578.78.
The Labor Department today reported that initial jobless claims for the week ended November 7 fell by 24,000 to 435,000. Economists were expecting the initial jobless claims for the week ended November 6 to come in at 450,000.
Meanwhile, the Commerce Department today reported that the U.S. trade deficit for the month of September dropped 5.3% to $4 billion.
Google Inc. (NASDAQ: GOOG) today announced that it will give all of its employees a 10% raise in January to prevent them from moving to rivals. Shares of Google ended the day 0.31% lower at $622.88.
Macy’s Inc. (NYSE: M) today reported its third-quarter financial results. The company posted third-quarter profit of $0.08 per share, ahead of analysts’ estimate of $0.04 per share. Shares of Macy’s ended the day 1.43% lower at $24.86.
Crude oil rose to a two-year high after a report showed an unexpected decline in inventories. Crude oil for delivery in December climbed by $1.09 to settle at $87.81 a barrel on the New York Mercantile Exchange. Brent crude for December delivery settled 0.7% higher at $88.96 a barrel on the ICE Futures Europe exchange in London.
