Stocks End Higher as Euro Zone Worries Ease

Stocks ended higher in trading today as worries about the sovereign debt crisis in the euro zone eased a little. On Wednesday, stocks had slumped after yields on Italian bonds jumped over 7%, raising concerns about the country’s debt problems.

However, the debt-laden nation today completed a one-year notes auction, easing worries about the country’s ability to refinance its debt. Also, reports that the European Central Bank stepped in to buy Italian bonds eased worries among market participants.

Meanwhile, the political uncertainty in Greece also ended today after Lucas Papademos was named to lead a unity government.

Stocks were also lifted by some strong economic data released in the U.S. The Labor Department reported that the initial jobless claims for the week ended November 5 fell to 390,000, the lowest level since April. Also, the Commerce Department reported that the U.S. trade gap narrowed in the month of September as exports rose.

The Dow Jones ended the day 0.96% higher at 11,893.86, the S&P 500 ended the day 0.86% higher at 1,239.70, and the Nasdaq ended the day 0.13% higher at 2,625.15.

All sectors in the S&P 500 ended higher in trading today. The gains were led by Energy stocks, which ended the day 1.55% higher. Conglomerates also rose sharply today, ending the day 1.52% higher. Industrials ended the day 0.80% higher, while Basic Materials stocks ended the day 0.63% higher.

Cisco Systems Inc. (NASDAQ: CSCO) shares were among the major gainers in trading today. The stock rose after the company reported better than expected quarterly results. Cisco shares ended the day 5.68% higher at $18.61.

Other major gainers in trading today were Kohl’s Corporation (NYSE: KSS), which ended the day 1.97% higher at $55.36, and EnerSys (NYSE: ENS), which ended the day 18.86% higher at $26.22.

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.