Dow, S&P 500 Close Yet Again At Record Highs Ahead Of Friday's Employment Report

U.S. stocks rose as the Dow and S&P 500 closed yet again at new record highs.

Helping the bull charge includes positive economic reports including the number of Americans filling for jobless benefits falling from a week ago. Also, reassurances from the European Central Bank were conveyed that it will employ further easing measures, if necessary.

Looking forward to Friday, the monthly Employment report will be released at 8:30.

• The Dow gained 0.40 percent, closing at 17,554.47.
• The S&P 500 gained 0.38 percent, closing at 2,031.21.
• The Nasdaq gained 0.38 percent, closing at 4,638.47.
• Gold lost 0.25 percent, trading at $1,142.80.
• Oil lost 0.92 percent, trading at $77.96.
• Silver lost 0.03 percent, trading at $15.44.

News of Note

October Challenger Job-Cut Report rose to 51,183 from 30,477 in September.

Initial Jobless Claims declined 10,000 to 278,000 versus expectations of 283,000.

EIA Natural Gas Inventory rose 91 bcf after rising 87 bcf last week.

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The Bank of England maintained its benchmark rate at 0.5 percent while maintain its asset purchase program unchanged at 375 billion pounds.

The European Central Bank left its benchmark lending rate unchanged at 0.30 percent and the deposit rate was also maintained at -0.20 percent. ECB head Mario Draghi promised the central bank will introduce additional stimulus if necessary, a decision in which officials are unanimous.

Equities News of Note

Kate Spade KATE reported its third quarter results this morning. The company earned $0.00 per share, missing the consensus estimate of $0.02. Revenue of $250 million missed the consensus estimate of $253.94 million. shares gained 17.90 percent, closing at $30.96.

DIRECTV DTV reported its third quarter results this morning. The company earned $1.33 per share, beating the consensus estimate of $1.30. Revenue of $8.37 billion beat the consensus estimate of $8.30 billion. shares lost 0.39 percent, closing at $87.48.

Costco COST reported its October sales rose seven percent to $8.73 billion. Shares gained 0.43 percent, closing at $137.09.

A Delaware court said that investors attempting to stop Kinder Morgan KMI and its $44 billion consolidation have no case. Shares gained 1.13 percent, closing at $38.53.

Microsoft MSFT introduced Office updates which will now be available on Android tablets, iPhone devices and Windows 10. Shares hit new 52-week highs of $48.85 before closing the day at $48.70, up 1.76 percent.

CBS CBS said that it will begin marketing its new $5.99 a month streaming service the week after Thanksgiving. Shares lost 0.70 percent, closing at $52.13.

Amazon.com AMZN unveiled a “$199 connected speaker packing an always on Siri-style assistant” called Echo. Shares gained 0.04 percent, closing at $296.64.

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A filing from Jana Partners showed a seven percent stake in Hertz HTZ which includes options. The activist investor stated that it recently held talks with the company. Shares gained 3.84 percent, closing at $21.93 Activist investor Barry Rosenstein also disclosed a seven stake in the company

Walt Disney DIS reported its fourth quarter results after the market closed. The company earned $0.89 per share, beating the consensus estimate of $0.88. Revenue of $12.39 billion beat the consensus estimate of $12.37 billion.

Quote of the Day

“The greatest victory is that which requires no battle.” - Sun Tzu, The Art of War