Stocks go into long weekend riding high
Wednesday, November 24, 2021 4:40 PM

Related Stories



In New York, stocks rallied more than 1% Wednesday after a huge drop in unemployment claims signaled some signs of life in the depressed labour market.

The Dow Jones Industrials soared 150.91 points, or 1.4%, to go into a long weekend at 11,187.30.

The S&P 500 was up 17.62 points to 1,198.35. The Nasdaq Composite Index powered up 48.17 points to 2,543.12.

A drop in new home sales, a dour durable goods order report and ongoing worries about the eurozone couldn't stop the momentum.

Financial markets will be closed Thursday and will close at 1 p.m. ET on Friday.

After the holiday, investors will be focused on retailers to see how sales fare on Black Friday.

It's considered the first shopping day of the critical holiday retail period, and a key barometer of how the next six weeks will pan out.

The gains were broad based, with all but three Dow components in the black. Caterpillar, Boeing and United Technologies were among the biggest gainers on the blue-chip index. Tech stocks were also having a nice run with Amazon.com and Sandisk logging big gains.

Business software maker SAP said after Tuesday's close that it has been ordered to pay $1.3 billion U.S. to Oracle for copyright infringement by its now-defunct software maintenance unit. Oracle's stock rose 2%.

Deere, the tractor and lawn mower maker, reported earnings per share of $1.07 U.S., besting analyst expectations. Shares edged slightly lower.

High-end jewelry chain Tiffany & Co. reported earnings per share of 46 cents U.S. per share, topping the 37 cents U.S. per share expected by analysts. The company cited strong sales in Asia for its better-than-expected performance. Shares of Tiffany leaped more than 4%.

On the economic front, before the start of trade, the Commerce Department reported a surprising decline in orders for durable goods for October.

The department reported a 3.3% decline in orders for items meant to last three years or more. Economists polled by Briefing.com had projected orders would increase by 0.4% in October.

Also, the Commerce Department reported that new home sales dropped 8.1% in October. Analysts had expected an increase. While the number of new homes on the market is 202,000, there's about a nine-month supply in the pipeline, at the current sales rate.

The Department of Labor released cheery, weekly new jobless claims, which showed the number of Americans filing for unemployment benefits totaled 407,000 last week. The Briefing.com consensus of economists had forecast 442,000.

Washington also released the latest data on personal income and spending. Personal income rose 0.5% in October, slightly outpacing the expected increase of 0.4% forecast by a consensus of economists.

Personal spending rose 0.4% in October, falling short of expectations, which called for a 0.6% increase.

The price on the benchmark 10-year U.S. Treasury moved sharply down, raising the yield to 2.91% from 2.76% late Tuesday. Treasury prices and yields move in opposite directions.

Oil chugged ahead $2.31 a barrel to $84.07 U.S. The price of gold sank $2.33 to $1,374.25 U.S. an ounce.

(Source: )
(Source: Quotemedia)
 

Sponsors

Symbol :

Advertisement

Market news:

  • NKorea warns region is on brink of war Nov 26, 2021 04:50 AM

    • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
    • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
    • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
      • Artillery heard on tense Yellow Sea island Nov 26, 2021 04:47 AM

        • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
        • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
        • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
          • Jets beat Bengals 26-10 with big plays by Smith Nov 26, 2021 04:13 AM

            • EAST RUTHERFORD, N.J. - Even missing a shoe, Brad Smith didn't miss a step.
            • The Jets' Mr. Everything sparked New York to its second-best start after scoring on an 89-yard kickoff return - during which a cleat slipped off - and also had a 53-yard touchdown run in a 26-10 victory over the Cincinnati Bengals on Thursday night.
            • Notes: The Jets improved to 4-3 on Thanksgiving, while the Bengals made their debut on the holiday.
              • Iraq Kurdish leader: A uniter in a divided nation Nov 26, 2021 03:46 AM

                • In his five years as Iraq's president, Jalal Talabani has shown a remarkable ability to rise above the ethnic and religious divisions defining the country's political scene - sometimes at the expense of his own Kurdish identity.
                • But in rejecting the death sentence against Aziz - a Christian who was Saddam's longtime foreign minister - Talabani offered Iraq's small Christian minority a significant goodwill gesture at a time of deep uncertainty over its future in the wake of deadly attacks since 2003.
                • In polarized Iraq, most politicians press an unflinching sectarian or ethnic line - whether Sunni, Shiite or Kurdish - in a zero-sum game where another sect's win is often seen as your sect's loss.
                  • Critics say Obama lagging on endangered species Nov 26, 2021 03:46 AM

                    • WASHINGTON - Environmental groups are criticizing the Obama administration for what they say is a continuing backlog of plants and animals in need of protection under the Endangered Species Act.
                    • The Fish and Wildlife Service says 251 species are candidates for endangered species protection, four more than a similar review last year found.
                    • Environmental groups say that shows the Obama administration has done little to improve on what they consider a dismal record on endangered species under President George W. Bush.

                      More news


Advertisement

    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
GEOXXXXX PAY$0.31
mrbilltraderXXXXX POT$1.15
XXXXXXXXXX OVTI$0.43
sam farahanXXXXX TECD$0.95
XXXXXXXXXX GSS$0.05
XXXXXXXXXX ABB$0.31
adfgafg ERTS($0.26)
XXXXXXXXXX SD$0.03
XXXXXXXXXX ATML$0.11
XXXXXXXXXX CBPO$0.32