[1:05 PM New York City, New York – Market indexes on Wall Street reversed losses of as much as 0.8% but stocks across most sector generally traded lower. Facebook soared to a record high on strong quarterly results. U.S. launched a drug price increase investigation and sought information from four drug makers.
Market indexes on New York reversed course in early trading and rebounded from the decline of as much as 0.8% and reached in positive zone.
Seasonally adjusted weekly jobless claims jumped 16,000 to 276,000 from the previous week’s unrevised claims of 260,000.
The preliminary insured unemployment rate in the week ending October 24 was 1.6%, unchanged from the prior week''s unrevised rate, the Department of Labor said.
Separately, the department reported Nonfarm business sector labor productivity rose at an annual rate of 1.6% during the third-quarter from a year ago period. Output grew 1.2% and hours worked fell 0.5% in the quarter.
From year ago period productivity grew 0.4% and output and hours worked increased 2.3% and 1.9% respectively.
On Wall Street, Tollbooth Strategy Index increased 22.54 or 0.2% to 11,082.96.
S&P 500 index slid 3.33 or 0.2% to 2,099.01 and the Nasdaq Composite Index slipped 24.07 or 0.5% to 5,119.08.
Crude oil in New York fell 48 cents to $46.84 a barrel and gold slid 63 cents to $1,107.27 an ounce.
) soared 4% or $4.18 to $108.13 after the social networking services provider reported revenues in the third-quarter ending in September surged 40.6% from a year ago to $4.50 billion.
Net income in the quarter soared 11.1% to $891 million or 31 cents per diluted share compared to $802 million or 30 cents per share from the same quarter last year.
As of September 30, Facebook had 1.55 billion monthly active users, 14% higher than the last year. Of the total user base, 1.39 billion accessed the site through mobile devices. Ad revenue in the quarter jumped 45.4% to $4.30 billion.
Facebook said it had 8 billion video views per day from 500 million people, compared with 4 billion views in April.
) tumbled 13.8% or $8.33 to $51.92 after the wireless technology provider said revenues in the fourth-quarter ending on September 27 plummeted 18% from a year ago to $5.46 billion.
Net income in the quarter declined 43.9% to $1.06 billion or 67 cents per diluted share compared to $1.89 billion or $1.11 per share from the same quarter last year.
The company forecasted revenues for the first-quarter in the range of $5.2 billion to $6 billion and earnings per share between 80 cents and 90 cents.
Qualcomm said it will no longer issue fiscal revenue and earnings guidance.
Stocks across Europe edged lower after the European Commission lowered its growth assessment and inflation outlook.
The European Commission decreased its growth and inflation outlook for 2016 based on difficult challenging global conditions, lower oil prices and, a weaker euro.
The EC expects the combined GDP of the 19 countries in the euro zone to grow by 1.8% in 2016, down from the previous growth estimate of 1.9%.
German manufacturing orders, adjusted for seasonal and calendar effects, fell 1.7% in September from the previous month due to a decline in foreign demand. Domestic and Eurozone orders continue to support manufacturing.
Seasonally adjusted retail trade in September fell 0.1% from July in euro area but rose 0.3% in the wider region EU28. In August retail trade remained stable in the euro area and in the EU28.
Retail sales index jumped 2.9% from a year ago month in the euro area and 3.7% in the wider region EU28, the Statistical Office of the European Communities said.
In London trading, FTSE 100 index slipped 20.91 or 0.3% to 6,392.23 and in Frankfurt the DAX index rose 56.12 or 0.5% to 10,901.51.
In Paris, CAC 40 index increased 42.25 or 0.8% to 4,989.72.
The European mining index fell 1.7% because of the pressure on metal prices from a rally in the dollar.