Comtex SmarTrend(R) Market Close Wrap-up -- November 5, 2009

Last updated November 5, 2009: 4:30 PM ET --- The major U.S. equity indices closed higher Thursday following a drop in unemployment claims and an upbeat forecast from Cisco Systems (NASDAQ:CSCO). The Labor Department said first-time claims for jobless benefits last week fell by 20,000 to a seasonally adjusted 512,000, better than economists estimates of 523,000, and the lowest level since January. The report gave investors hope that the monthly report on employment, due out tomorrow, may prove better than expected. Economists estimate an unemployment rate of 9.9% for October. The government said that the amount of output per hour worked rose 9.5% in the July-September quarter, ahead of the economists expectations for a rise of 6.4%, which also improved investor optimism. Retailers posted a 2.1% sales gain for October after more than a year of declines, providing hope that consumer are starting to spend more. In corporate news, CBS (NYSE:CBS) reported Q3 EPS of 39 cents, topping consensus estimates of 22 cents. Revenues in the quarter slipped slightly to $3.35 billion, but were ahead of consensus estimates of $3.19 billion. Cisco (NASDAQ:CSCO) shares rose 3% after it said late Wednesday that it expects revenue to grow for the first time in a year for the quarter ending in January. The Dow Jones Industrial Average closed 2.08% higher at 10,005.96, the S&P500 rose 1.92% to 1,066.63, the Nasdaq Composite rose 2.42% to 2,105.32.

Write to Chip Brian at cbrian@tradethetrend.com

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