4:20 PM New York – Market indexes on Wall Street recovered from early doldrums after investors shifted focus from Europe and China to U.S. economic data. Initial claims of jobless stayed below 300,000 for the tenth week in a row. Sale of existing homes increased 1.5% in October.
Market indexes on Wall Street recovered after morning weakness on the lacklustre economic reports from Europe and China.
Investors focused on the domestic economic data in the U.S. and consumer price index tracked by the Fed was flat in October, and existing home sales rose in October on a seasonally adjusted basis and weekly jobless claims remained below 300,000 in the week ended Nov 15.
Jobless Claims Below 300,000
Initial jobless claims at the end of last week decreased 2,000 to a seasonally adjusted 291,000. The jobless claims totalled fewer than 300,000 for the tenth week in a row.
Existing Home Sales Rise in October
Existing home sales increased 1.5% in October to a seasonally yearly rate of 5.26 million, the report from the National Association of Realtors. The annual run rate was ahead 2.5% from a year ago month.
The industry association also revised annual sales rate to 5.18 million homes in September. The median sale price for existing home increased 5.5% from a year ago month in October.
The number of homes available for sale increased 5.2% to 2.22 million, a 5-month supply at the current sales pace.
In stock market trading, energy and retail stocks dominated trading and Tollbooth Index rose 0.4% or 43.35 to 9,898.36.
S&P 500 index rose 4.09 or 0.2% to 2,052.81 and the Nasdaq Composite Index increased 22.10 or 0.5% to 4,697.69.
Best Buy Co Inc (BBY
), the electronics retailer reported revenues in the third-quarter ending on November 1 fell 0.5% to $9.38 billion from a year ago period. Comparable store sales in the quarter jumped 2.2%.
Net earnings in the quarter surged 98.1% to $107 million or 30 cents a diluted share compared to $54 million or 16 cents from a same quarter last year.
Dollar Tree, Inc. (DLTR
), the dip-discount retailer said net sales in the third-quarter ending on November 1 climbed 11.7% to $2.10 billion from a year ago period. Comparable store sales in the quarter rose 5.9%.
Net income in the quarter rose 6.1% to $133 million or 64 cents a diluted share compared to $125.4 million or 58 cents from a same quarter last year.
L Brands, Inc. (LB
), the specialty retailer stated net sales in the third-quarter ending on November 1 advanced 7% to $2.32 billion from a year ago period. Comparable store sales in the quarter climbed 5%.
Net earnings in the quarter surged 41.9% to $131.8 million or 44 cents a diluted share compared to $92.9 million or 31 cents from a same quarter last year.
In London trading, FTSE 100 index slipped 0.5% or 33.98 to 6,662.62 and in Frankfurt the DAX index fell 0.5% or 48.10 to 9,424.70.
In Paris, CAC 40 index decreased 1.2% or 52.89 to 4,213.30.
Babcock International Group Plc
, the U.K.-based engineering construction company reported total revenues in the first-half ending in September soared 22.8% to £1.94 billion from £1.58 billion a year ago period.
Net profit in the period surged 25% from a year ago to £117.9 million compared to £94.3 million and diluted earnings per share jumped to 23.6 pence from 22.4 pence.
, the Germany-based carbon steel producer reported net sales in the year ending in September jumped 7.1% to €41.30 billion from €38.56 billion a year ago period.
Net in the year swung to profit from a year ago to €210 million compared to a loss of €1.44 billion and diluted earnings per share swung to €0.38 billion from a loss per share of €2.79 billion.
Order intake jumped 7% to €41.4 billion from €38.6 billion a year ago period.