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Market Update

U.S. Indexes Extend Gains for the Seventh Week

Author: Nichole Harper
Last Update: 12:46 PM ET November 22 2013

12:45 PM New York – U.S. indexes extended gains and major averages trade in record territory. Unemployment rate in 28 states declined and Florida led the nation with a gain of 44,600 jobs in October.

U.S. accelerated gains after first hour of sideway trading and unemployment rate in 28 states declined.

S&P 500 index increased 0.3% to 1,801.21 and the Nasdaq Composite Index gained 0.5% to 3,987.85.

Across Europe, market indexes also advanced. DAX index increased 0.2% to 9,219 and CAC 40 index added 0.6% to 4,279.

For the year so far, S&P 500 index has added 26.3%, FTSE 100 index in London has gained 13.2%, Nikkei index in Tokyo has surged 48% and indexes in Hong Kong and Mumbai gained more than 4%.

Unemployment Rate Falls in 28 States

The delayed report from the Department of Labor released today showed Florida led the nation with a 44,600 employment gains.

Payrolls increased in 34 states in October and unemployment rate declined in 28 states, indicating a broadening recovery in the labor market.

California was the second with a gain of 39,800 followed by North Carolina with an addition of 22,200.

The states with largest decline in employment over a month were Kentucky, decrease of 12,600; Washington, 8,100; and South Dakota, 2,600.

Jobless rate across the nation was 7.3%, up from 7.2% in September and Nevada led the nation with a rate of 9.3% and North Dakota retained its position with the lowest rate of 2.7%.

U.S. Stocks in Review

Abercrombie & Fitch & Co. (ANF) dropped 4.2% to $33.48 after Wells Fargo Securities lowered its view on the stock.

Ann Inc (ANN) traded sideways after the apparel retailer reported third-quarter sales increased 7% and net income increased 1.2%. Comparable store sales in the quarter increased 3.7%.

Intel Corp (INTC) declined 4.8% to $24.02 after the chip maker estimated flat 2014 revenues and estimated person computer unit sales to decline in the ‘low single-digit’ percentage.

Ross Stores (ROSS) dropped 7% or $5.43 to $74.87 after the discount retailer lowered its fourth-quarter earnings estimate to no more than $1.01 a share from its previous estimate of $1.03.

Time Warner Cable (TWC) surged 9% to $132.04 after a media report suggested that Charter Communication Inc is talking to banks to finance a proposal to buy the company.

Ticker.com and 123jump.com verified with two sources at three banks in New York the financing discussions and the news was first reported by Wall Street Journal.

Comcast investors are also urging the company to bid for Time Warner Cable, CNBC reported today.

United Continental (UAL) gained 3.3% to $38.25 after billionaire hedge fund manager David Tepper who runs Appaloosa Management LP said he prefers airline investing as a “big play” in the market.

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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