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Stocks Open Higher Amid Positive Jobless Claims and TARP Exit

Strategic Insights

— 1 min read

The US stock market opened with a positive tone despite disappointing same-store sales figures from retailers, as a report showed a fifth consecutive weekly decline in jobless benefit claims. The number of Americans filing for state unemployment benefits fell by a seasonally adjusted 5,000 to 457,000 in the week ending November 28, the lowest since September 2008. However, the total number of people claiming benefits rose to 9.61 million due to a new extended benefits program. Bank of America's announcement to pay back $45 billion in TARP funds also contributed to the market's optimism.

Key Takeaways:

  • The number of Americans filing for state unemployment benefits fell by 5,000 to 457,000, the lowest since September 2008.
  • The total number of people claiming benefits rose to 9.61 million due to a new extended benefits program.
  • Bank of America's announcement to pay back $45 billion in TARP funds boosted investor sentiment.
  • The International Council of Shopping Centers expects a 3-4% rise in same-store sales across the industry.
  • Comcast and General Electric formed a joint venture with a 51% ownership stake by Comcast.
  • Ambac saw a boost after S&P raised its counterparty credit rating to CC.
  • ICO soared after A. Schulman agreed to buy it for $105 million in cash and shares.
  • S&P downgraded six Dubai government-backed entities to "junk" status due to concerns about Dubai's willingness to back its indebted companies.

Statistics:

  • Initial jobless claims fell by 5,000 to 457,000 in the week ending November 28.
  • Total number of people claiming benefits rose to 9.61 million.
  • Bank of America to pay back $45 billion in TARP funds.
  • ICO to be bought by A. Schulman for $105 million in cash and shares.
  • S&P downgrades six Dubai government-backed entities to "junk" status.
  • Gold last traded at $1,216 per ounce.
  • Crude eased to $76.10 per barrel.

Sources:

  • MidpointTrader via COMTEX
  • Reuters
  • MarketWatch
  • AP
  • International Council of Shopping Centers
  • A. Schulman
  • Comtex News Network, Inc.

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