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Market Update

U.S. Stocks Waver, Earnings Dominate Sentiment

Author: Nichole Harper
Last Update: 1:26 PM ET October 31 2013

12:50 PM New York – U.S. stocks rebounded from the lows in the first hour in trading and the pound jumped 1% against the euro after the inflation rate declined to 0.7% annual rate. U.S. weekly jobless claims declined as government employees return to work.

Stocks on Wall Street traded sideways and rebounded from the loss of 0.5% in in the first hour of trading.

In New York trading, S&P 500 index decreased 0.16 to 1,763.15 and Nasdaq Composite Index added 2.55 to 3,933.17.

Weekly Jobless Claims Fall

Weekly jobless initial claims for state unemployment benefits declined by 10,000 to a seasonally adjusted 340,000, the Labor Department said today. Initial claims for the previous week were left unrevised.

California continues to struggle with new computer system transition and a Labor Department analysts said California reported no new additional claims last week from previous week carryovers.

Federal Employees claims declined 29,713 in the last week to 14,423 after the government shutdown ended on October 17.

European Markets

In London trading, FTSE 100 index slipped 0.7% or 49.63 to 6,728 and in Frankfurt the DAX index slid 0.1% or 6.27 to 9,004.

In Paris, CAC 40 index rose 0.3% or 11.33 to 4,285.

Euro Zone Inflation Rate Falls

The U.K. pound jumped for the second day and increased 1% against the euro after the euro area inflation rate declined to 0.7% in October, the lowest since November 2009. The inflation rate in September was 1.1%.

Expectations rose that the European Central Bank will lower its reference rate by a quarter percentage point to 0.25% on November 7.

Asian Markets Fall

Major market indexes in Asia closed lower.

Nikkei 225 Stock Average declined 1.2% and the yen gained. Hang Seng index in Hong Kong declined 0.4% but the Sensex index in Mumbai gained 0.6%.

Market indexes in Jakarta declined 1.9% and in South Korea added 1%.

U.S. Stocks in Review

Avon Products, Inc. (AVP) plunged 19.8% or $4.42 to $17.97 after the beauty products maker stated sales in the third-quarter ending in September rose 3% to $1.52 billion. Comparable sales in the quarter slipped 2%.

Net income in the quarter climbed 16% to $103.8 million or $1.42 a diluted share compared to $89.5 million or $1.21. North American sales plunged 19%.

Adjusted quarterly profit was 14 cents, lower than analysts’ projections of 19 cents a share.

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