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News on Economy Cheers Market
Nov 03, 5:13 PM EST |
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| A batch of news on unemployment claims, labor productivity and health of service sector outweighed rising oil and falling factory orders. |
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| Market cheered economic news and better-than expected rise in same-store sales. Yields on ten-year bond rose to 4.67%. Better than expected earnings at CVS, 30 cents, Harrah''s net declined to 91 cents, Sara Lee net declined to 9 cents, Tesoro net shot to $3.20 from 93 cents a year ago and that of Sabre declined to 45 cents from 49 cents a year ago. |
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Sales and Output Growth Boost Averages
Nov 03, 1:34 PM EST |
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| Retailers posted strong October same-srtore sales with Abercombie & Fitch's sales up 31%, Wet Seal's up 47%, Wal-Mart's up 4.3%, and Costco's up 10%. |
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| U.S. business productivity surged in the third quarter according to a Labor Department report. Unit labor costs fell at an annual rate of 0.5%, vs. a forecast of a 2% gain in unit labor costs. Alan Greenspan testified before a congressional committee and Merck received a favorable verdict in a New Jersey Vioxx trial, A report released by the Labor Dept. showed that jobless claims fell to 323,000 from the previous- week revised figure of 331,000. |
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4.1% Productivity Rise
Nov 03, 11:32 AM EST |
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| Retailers posted strong October sales. Gymboree is up 9.2% on its sales report, while Abercrombie & Fitch is climbing by 8%. |
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| U.S. business productivity surged in the third quarter according to a Labor Department report. Unit labor costs fell at an annual rate of 0.5%, vs. a forecast of a 2% gain in unit labor costs. A report released by the Labor Dept. showed that jobless claims fell to 323,000 from the previous week''''s revised figure of 331,000. |
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Robust Retail Sales
Nov 03, 8:38 AM EST |
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| Oil prices hovered over $60 a barrel on oil inventory report. Gold futures advanced in Europe. The dollar rose vs. the yen, fell vs. the euro, pound. |
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| Asian markets closed mixed, led by Australia''''s All Ordinaries, up 1.2%. Exchanges in Japan and Singapore were closed for holidays. European stocks traded higher on BMW, Unilever, Adidas-Solomon. Retailers posted strong same-store October sales, led by American Eagle Outfitters, Costco Wholesale, Wal-Mart, Goody''''s Family Clothing. |
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