NEW YORK (AP) — Stocks were wavering between small gains and losses Wednesday, as investors worked through another batch of company earnings from companies including CBS and Michael Kors.
KEEPING SCORE: The Dow Jones industrial average lost six points, or less than 0.1 percent, to 17,914 as of 9:50 a.m. Eastern. The Standard & Poor’s 500 index lost a point to 2,109 and the Nasdaq composite rose five points, or 0.1 percent, to 5,149.
JOBS, JOBS, JOBS: A report out from payroll processor ADP showed that American businesses added a solid but unspectacular 182,000 jobs in October. In its report, ADP also revised September’s figure down to 190,000 from 200,000.
The ADP report is a precursor to the more important government jobs report, which is due out Friday. Investors expect that U.S. employers added 185,000 jobs in October and that the unemployment rate remained steady at 5.1 percent.
The October jobs report is widely seen as an important gauge for whether or not the Fed will raise interest rates at its December meeting.
IN FASHION: Michael Kors Holdings, the clothing and handbag company owned by its namesake designer, rose $2.16, or 5 percent, to $41.55 after the company reported revenue and profits in the latest quarter that were stronger than analysts expected.
STILL ON THE AIR: Television company CBS rose $1.66, or 3 percent, to $49.83 after the company’s third-quarter results, while negative, were not as worse as some analysts had predicted.
ENERGY: Benchmark U.S. crude futures fell 27 cents to $47.62 on the New York Mercantile Exchange. Brent crude fell 55 cents to $49.99 a barrel in London.
BONDS, CURRENCIES: Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.21 percent. The dollar rose to 121.45 yen from 121.04 late Tuesday. The euro weakened to $1.0867 from $1.0966.
Join the conversation about this story »
from WordPress http://ift.tt/1WzyMdW
No comments:
Post a Comment