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Article: Stocks jump as jobs, spending data boost mood
- Article from:
- AP Worldstream
- Article date:
- November 5, 2009
- Author:
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Stocks jumped in morning trading Thursday after the market got encouraging news on jobs and consumer spending, two of the economy's biggest trouble spots.
The Labor Department said the number of newly laid-off workers seeking unemployment benefits fell to 512,000 last week, the lowest level since January and less than the 523,000 economists had forecast.
Initial claims are considered a gauge of the pace of layoffs and an indication of employers' willingness to hire new workers. The report offered investors fresh hope that the government's monthly report on employment Friday may come in better than expected. Analysts project that the unemployment rate rose to 9.9 percent in ...