Jobless Claims, Earnings Flops, and the GDP: Market Recap
Bolstered by an upward revision in third-quarter GDP growth, now estimated at 2.7 percent, the U.S. equity markets closed up again on Wall Street:
Dow: +0.28%, S&P 500: +0.43%, Nasdaq: +0.68%.
On the commodities front, Oil (NYSE:USO) climbed 1.55 percent to $87.83 per barrel. Precious metals were also up, with Gold (NYSE:GLD) climbing 0.55 percent to $1,728.20 per ounce, and Silver (NYSE:SLV) climbing 1.69 percent to $34.24 per ounce about 5 minutes after the bell.
A Swing and a Miss: Shares of jewelry manufacturer and retailer Tiffany & Co. (NYSE:TIF) closed down 6.17 percent after third-quarter results miss the mark. Revenue grew 4 percent year over year but net income dropped 30 percent. Shares of Kohl’s Corp. (NYSE:KSS) were also off and closed down 11.98 percent after posting a 4.9-percent drop in November sales. (Read more.)
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Pandora Media (NYSE:P) closed up 7.46 percent as the congressional hearing over the future of its royalty structure continues.
Mixed Jobless Claims: Initial jobless claims dropped 5.5 percent for the week ended November 24 compared to the previous week, according to the U.S. Department of Labor. However, the four-week moving average grew 1.9 percent. The current unemployment rate in the U.S. is 7.9 percent.
Bad News for the Housing Recovery? While the housing market has been a relatively strong point this year, data released Thursday morning by the U.S. Commerce Department indicated that this trend may be over, or at least on pause. Overall, new single-family home sales fell 0.3 percent in the month of October… (Read more.)
The Fed and the Fiscal Cliff: After the Federal Reserve announced on Wednesday that the U.S. economy grew at a “measured pace” in recent weeks, Dallas Fed President Richard Fisher pressed the government to give businesses more incentives to use the central bank’s liquidity to create jobs… (Read more.)
Don’t Miss: Is Bernanke Right About the Fiscal Cliff?