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Market Update

Earnings and 14-year Low Jobless Claims Lift U.S. Indexes

Author: Nichole Harper
Last Update: 12:06 PM ET October 23 2014

12:05 PM New York – U.S. stocks advanced after initial claims of weekly jobless claims declined to near 14-year low. The U.S. dollar advanced and European markets gained after a private survey showed slight improvement in manufacturing outlook in Europe.

Stocks on Wall Street advanced after earnings from 3M, Caterpillar and Tractor Supply lifted market sentiment.

Also, better-than-expected private estimate of China’s manufacturing survey also contributed to positive global outlook.

S&P 500 index increased 1.4% or 27.69 to 1,954.80 and the Nasdaq Composite Index gained 1.7% to 4,455.69.

Initial claims of unemployment increased 17,000 at the end of last week but the four week average of claims fell to 281,000, the lowest since May 2000, the Labor Department reported today.

Weekly claims of jobless benefits declined to near 14-year low as small businesses picked up pace of hiring ahead of holiday season.

U.S. Movers

3M Co (MMM) soared 5.7% or $8.13 to $147.08 after the diversified conglomerate reported better than expected earnings.

Caterpillar Inc (CAT) soared 4.5% or $4.27 to $98.83 after the construction machinery maker reported better than expected outlook.

Yelp Inc (YELP) plunged 16% or $11.16 to $59.10 after the review site operator missed revenue outlook.

European Markets

European markets advanced after private surveys showed manufacturing sector expanded in the euro zone and the largest economy in the region, Germany, showed expansion in October.

Spain reported jobless rate declined to 23.7% in the quarter to September from 24.5% in the previous quarter. Separately, the Bank of Spain lowered its assessment of economic growth in the third-quarter at 0.5% after the economy expanded at 0.6% in the second-quarter.

DAX 30 index in Frankfurt surged 1.3% or 113.94 to 9,053.49 and in London FTSE 100 index increased 0.2% or 15.38 to 6,415.11.

In Paris, CAC 40 index soared 1% or 39.45 to 4,144.54.

Asian Markets

Markets in Mumbai operated short trading hours to celebrate five-day long Diwali, festival of lights. Markets are closed tomorrow to celebrate Hindu New Year 2071.

In short session, Nifty index increased 18.65 to close at 8,014.55 and widely followed Sensex Index increased 63.82 to 26,851.05.

Nikkei 225 Average in Tokyo closed down 0.3% to 15,138.96 and the Hang Seng Index declined 0.3% to 23,333.18.

Australian indexes halted seven-day rally and the Aussie dollar eased after the resurgent U.S. dollar dominated currency trading.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc