Updated from 9:34 a.m. EDT
As expected, the Labor Department reported yesterday that applications for jobless benefits rose slightly last week. New York had the biggest rise in such claims due in large part to layoffs in the transportation and service industries while neighboring New Jersey experienced one of the largest statewide declines in jobless benefit claims.
The market interpreted the report as an indication the labor market remains weak but in check. The report follows a slight drop in jobless claims in the week prior.
CBS (CBS - Get Report) also made headlines with its announcement to acquire CNET (CNET - Get Report), an online technology news and entertainment company. The $1.75 billion deal is expected to close in the third quarter, and CBS is hoping the acquisition will bolster its online presence.Meanwhile, General Electric (GE - Get Report) plans to auction off its appliance unit for $5 billion to $8 billion. The appliance unit, hurt in large part by the housing slump and high metal prices, accounts for only about 4% of the conglomerate's $173 billion annual revenue.
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