Apple Gets Patriotic and Lululemon Beats Expectations: Market Recap
The markets closed up Thursday on Wall Street:
DIJA: +0.30%, S&P 500: +0.33%, Nasdaq: +0.52%.
On the commodities front, Oil (NYSE:USO) dropped 1.68 percent to $86.40 per barrel. Precious metals were up, with Gold (NYSE:GLD) climbing 0.39 percent to $1,700.40 per ounce, and Silver (NYSE:SLV) climbing 0.31 percent to $33.06 per ounce about 13 minutes after the bell.
A better-than-expected third quarter was enough to push Lululemon Athletica (NASDAQ:LULU) shares higher, despite a cautious stance on the current quarter. The absence of a well-known hedge fund manager also provided a lift. Shares closed up 7.26 percent. (Read more.)
iBuilt in the U.S.A: The rumors are true: Apple (NASDAQ:AAPL) is bringing some manufacturing back to U.S. soil. Chief executive Tim Cook said the company had plans to spend more than $100 million next year on building Mac computers in the U.S. The move will take a portion of Apple manufacturing away from China, the company’s assembly headquarters over the last few years. (Read more.)
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Bad Now, Better Than Last Year: There’s at least a small case for optimism in the initial jobless claims report issued by the United States Department of Labor on Thursday. Claims for the week ending December 1 fell 6.3 percent week over week to 370,000, slightly beating the expectations of economists surveyed by Bloomberg, who predicted a drop to 380,000 claims. (Read more.)
We Can Avoid the Fiscal Cliff: Even with the threat of recession hanging over lawmakers, fiscal cliff negotiations continue to reiterate the same, well-worn points. Yet speaking before The Business Roundtable, a corporate group that he has lobbied for support, President Obama said that a deal to avert the spending cuts and tax increases scheduled to begin in January could be made in one week. (Read more.)
Europe’s Double-Dip Recession: The euro area has dipped right back into a recession after a 0.1 percent contraction, though it’s a little more hopeful for next year, as current rates are stagnated, possibly until 2014. The European Central Bank held the benchmark rate at 0.75 percent Thursday, an all-time low, and kept the deposit rate at zero. (Read more.)