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Modestly Higher Close Despite Higher Unemployment
Friday November 06, 2009 - 15:41 PM EST
Despite a gain in the unemployment rate, the markets rose to close modestly higher with the Dow climbing 17 points to 10,023 as crude oil prices slipped. Nasdaq rose 7 points to 2112.
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Despite a gain in the unemployment rate, the markets rose to close modestly higher with the Dow climbing 17 points to 10,023 as crude oil prices slipped. Nasdaq rose 7 points to 2112.
On the upside Magna International (NYSE: MGA) reported an unexpected profit for the third quarter prompting an upgrade. Shares of airline stocks AirTran Holdings (NYSE: AAI), Continental Airlines (NYSE: CAL) and US Airways Group (NYSE: LCC) all rose as crude oil prices retreated. KeyBanc Capital Markets analyst Tahira Afzal upgraded Willbros Group (NYSE: WG) citing improving operations. On the downside Move (Nasdaq: MOVE) reported lower third quarter revenue prompting a downgrade. Sapient (Nasdaq: SAPE) blamed special charges for third quarter earnings that plummeted. Red Robin Gourmet Burgers (NYSE: RRGB) blamed the economic downturn for lower third quarter revenue and earnings. In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 580.
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