Wall Street Bounces Back
Current trading on Wall Street is positive on Thursday with the major indexes having gains nearing a full percentage point in early going. Some positive news is moving the market, mainly on the jobs front.
The Labor Department says the number of Americans seeking unemployment benefits fell last week to the lowest level in more than four years. The decline of 30,000 claims takes the number down to 339,000.
The U.S. trade deficit expanded by 4.1 percent in August. The nation’s exports fell to the lowest level in six months.
Average U.S. rates on fixed mortgages have edged up slightly from record lows last week. Cheaper mortgages are fueling a modest housing recovery that could help the broader economy. Freddie Mac says the rate on the 30-year loan increased to 3.39 percent from 3.36 percent. The previous week’s rate was the lowest since long-term mortgages began in the 1950s.
And I always like to point out a single stock that’s having a lot of activity if there is one when I report, and today there is. Shares of Sprint Nextel are up 13 percent in early trading. This after a report that the company is in advanced talks to be acquired by Japanese cellphone company Softbank Corp. in a transaction valued at more than $12.8 billion.