Daniel Goodman / Business Insider
First the scoreboard:
Dow: 12,836, +48.3, +0.3 percent
S&P 500: 1,391, +3.2, +0.2 percent
NASDAQ: 2,926, +9.8, +0.3 percent
S&P 500: 1,391, +3.2, +0.2 percent
NASDAQ: 2,926, +9.8, +0.3 percent
And now the top stories:
- It was a quiet day of trading as America prepares for its Thanksgiving Day holiday. However, the rest of the world was rather active overnight.
- Japan's latest trade report showed that exports fell 6.5 percent in October, which was much worse than the 4.9 percent decline expected. Japan is the third largest economy in the world, and its economy is driven by exports.
- One of the reasons why Japan is struggling is because of an ongoing political row with China. Japan's exports were weak largely due to a 12.3 percent drop in auto exports, which included a 54.1 percent plunge in auto exports to China.
- Farm equipment maker Deere disappointed investors by missing on the bottom line in its fiscal Q4 earnings announcement. Earlier this month, Warren Buffett revealed a big stake in Deere in a Berkshire Hathaway 13-F regulatory filing.
- Weekly initial jobless claims fell to 410k, which was right in line with expectations. The number remains above that 400k level thanks to the lingering affects of Hurricane Sandy. But the good news is that those affects seem to be subsiding.
- In fact, Hurricane Sandy may be starting to have a positive impact on the economy. The Markit US Flash manufacturing PMI report unexpectedly jumped to 52.4 in November from 51.3 a month ago. This was also much better than the 51.0 expected by economists. From the report: "some panellists also commented on new work resulting from the aftermath of Hurricane Sandy."
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