A bright forecast from Cisco Systems and upbeat economic news sent stocks soaring Thursday and propelled the Dow Jones industrials back above 10,000. The rally, coming a day before the government's October employment report, showed that investors are regaining their optimism about an economic recovery.
Stores are heading into the period with slashed inventories, determined not to have the fire sales that characterized last Christmas. But shoppers are still facing tight credit and a weak job market and might wait for fat discounts or not buy at all.
Equities regained their upward momentum on both sides of the Atlantic on Thursday as investors digested the implications of this week's round of central bank policy meetings and looked ahead to today's crucial US employment report.
A drop in unemployment claims and an upbeat forecast from Cisco Systems Inc. gave investors a jolt of confidence a day before a key government report on jobs.
Huawei of China on Thursday highlighted its growing power in the telecoms equipment market when it won a large contract from a traditional customer of European rivals Ericsson and Nokia Siemens Networks.
U.S. stocks rallied Thursday after another bout of upbeat economic data and positive results from technology giant Cisco Systems Inc. took the Dow Jones Industrial Average back above the 10,000 level.
The networking giant's earnings and outlook are boosting the market, particularly the tech sector. CFO Frank Calderoni tells MarketWatch's Ben Pimentel there's been improvement primarily in the U.S. enterprise and public-sector businesses.
U.S. stocks jumped on Thursday after strong results from Cisco lifted technology stocks, and an expansion in business productivity and a fall in jobless claims encouraged investors about the economy.
US stocks climbed on Thursday following a surprise jump in productivity during the past three months as companies fought to boost output in the recession.
No comments:
Post a Comment