The Dow Jones and S&P 500 yet again eke out record closes to end the day. The Dow and S&P 500 ended the day slightly up despite the announcement that the number of new jobs missed expectations. The unemployment rate fell from 5.9% to 5.8% in October, hitting its lowest level since July 2008. Only 214,000 jobs were added last month, falling short of the 230,000 jobs that were estimated to be added. The Labor Department continues to remain optimistic regarding the growth of the labor market, claiming that overall payroll growth has topped 200,000 for the past nine straight months.
Word on the Street
- U.S. jobless rate falls to 5.8%.
- 2.3 million jobs have been added in the U.S. in 2014.
- Japan looks to invest more in the United States.
- Sears (SHLD) to sell hundreds of stores to REIT.
- Business tired of paying “temporary” recession taxes.
- Salix Pharmaceuticals (SLXP) stock pummeled on earnings, guidance.