Today was a solid day for the market with all three major indices closing in positive territory. The Dow Jones Industrial Average
Good news times 3
We saw three positive economic reports today that helped push the markets higher.
- The number of Americans filing for unemployment benefits decreased by 4,000 to 364,000 last week, the lowest number since April 2008.
- The Conference Board's index of leading economic indicators increased for the seventh straight month in November.
- The Thomson Reuters/University of Michigan index of consumer sentiment climbed to a six-month high.
There was some disappointing news today, though, as the Commerce Department revised its estimate of third-quarter U.S. economic growth down to 1.8%, below the 2% that economists were expecting. But in the end, that news was overshadowed by the positive economic numbers we saw.
Winners for the day included Tibco
Micron Technology, meanwhile, shot up 15.7% despite a wider-than-expected quarterly loss. Investors focused on the positive news of a possible rebound in memory-chip demand and prices.
As for the Dow, the financials sector was far and away the best performing. Bank of America and JP Morgan Chase ended the day up 4.6% and 3.5%, respectively. Industrials heavyweight General Electric rounded out the top three, gaining 3% on the day.
On the other side of the coin, consumer staples made up the Dow's weakest group. Coca-Cola and McDonald's
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