1:10 AM New York – U.S. indexes traded sideways after mixed economic data. The jobless claims soared 46,000 to 388,000 and a leading economic index rose in September. Wesco agreed to acquire Canada-based EECOL for C$1.14 billion. Morgan Stanley slipped to quarterly loss.

U.S. indexes advanced after weekly jobless claims increased and leading indicators economic index gained and mixed corporate earnings.

Morgan Stanley reported adjusted third quarter earnings of $561 million or 28 cents a share. The solid performance was driven by an increase in revenue in fixed income group but earnings before adjustments turned to a loss of $1.01 billion for one-time charge related to its credit spreads.

European indexes closed higher and traders look to the EU Summit and hope for more clarity regarding Greece and Spain.

Asian markets closed after China reported third quarter economic growth slowed to 7.4% from the 7.6% rise in second quarter according to the data from the National Bureau of Statistics showed.

Industrial production grew 9.2% from a year ago in September, while retail sales grew 14.2% annually in September, data released by the statistics office showed.

Fixed asset investment during the January to September period soared 20.5%.

U.S. Jobless Claims Soar

Seasonally adjusted weekly jobless claims in the week ending October 13 surged 46,000 to 388,000 from the previous week''s revised figure of 342,000, according to a report released by the U.S. Labor Department today.

The 4-week moving average was 365,500, an increase of 750 from the previous week''s revised average of 364,750.

U.S. Leading Economic Index Rises

The Conference Board Leading Economic Index for the U.S. increased 0.6% in September to 95.9 following a 0.4% decline in August.

The Conference Board Coincident Economic Index for the U.S. increased 0.2% in September to 105.1 following no change in August.

Separately, manufacturing activity in the Philadelphia area rose in October, according to a report released by the Federal Reserve Bank of Philadelphia.

The Philly Fed said its diffusion index of current activity surged to a positive 5.7 in October from a negative 1.9 in September

The demand for manufactured goods, as measured by the current new orders index, decreased 2 points, to -0.6. Shipments rebounded from last month but were roughly flat this month.

The current shipments index increased 21 points, to -0.2; inventories were near steady; and firms reported continued declines in unfilled orders and shorter delivery times.

Wesco to Acquire Eecol

Wesco International, Inc., the electrical products distributor agreed to acquire Canada-based EECOL Electric Corporation for approximately C$1.14 billion.

The acquisition enables Wesco to expand its business in Canada and South America and is estimated to be accretive to earnings by approximately $1 a diluted share in the first full-year of operation.

PM	$92.65	0.19%
MS	$26.32	0.42%
UNP	$155.97	-0.67%

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