This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Close Higher Despite Job Losses

Wholesale inventories for November also surprised the market, rising 1.5%. Economists had expected a 0.2% dip from October's level.

Earlier, the Eurostat said November's unemployment rate in the 16-nation eurozone rose to the highest level since August 1998 at 10%, up marginally from 9.9% in October.

The FTSE in London was up by 0.1% and the DAX in Frankfurt was up 0.3%. In Asia, Hong Kong's Hang Seng was up 0.1% and Japan's Nikkei was higher by 1.1%.

The U.S. dollar was trading lower against a basket of currencies, with the dollar index down 0.6%.

In commodities markets, the February gold contract settled at $1,138.90 an ounce after adding $5.20, while crude oil for February delivery gained 9 cents to settle at $82.75 a barrel.

Package shipper UPS (UPS - Get Report), which is considered to be an important economic indicator because it moves U.S. and global GDP through its system, raised its fourth-quarter guidance to between 73 cents and 75 cents a share, citing improved shipping volumes. Its stock rose $2.76, or 4.8%, to $60.17.

The UPS news, combined with a strengthening railroad sector, helped take the entire transportation realm higher, as the Dow Jones Transportation Average advanced 2.1%.

Shares of Worthington Industries (WOR) surged 8%, adding $1.28 to $17.35 on two separate upgrades that cited higher steel prices and improving volumes. Stocks of steel companies rose on the news with AK Steel Holding (AKS - Get Report) and United States Steel (X) up by 9.3% and 7.3%, respectively.

Investment bankers at Bank of America (BAC - Get Report) are likely to get bonuses that are similar to 2007 levels, according to The Wall Street Journal.

Education company Apollo Group (APOL - Get Report) reported higher first-quarter earnings on improved enrollment rates, but shares slipped after the company said the Department of Education has been looking into its financial aid policies. The stock fell $3.44, or 5.4%, at $60.50.

--Written by Melinda Peer and Sung Moss in New York.

4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
UPS $98.10 -0.12%
AKS $4.99 1.84%
APOL $17.51 -2.21%
BAC $15.64 -0.32%
KO $40.89 -0.15%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs