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09:14PM (15 mins delay)
Nov 05, 2009 - 3:53 PM EST
Frederic Ruffy submits:Stocks opened higher on positive earnings from Cisco (CSCO) and a bigger-than-expected decline in weekly jobless claims. Before the opening bell, the Labor Department reported that jobless claims fell by 20,000 to 512,000 last week. Economists were looking for a smaller 8,000 decline. The report takes on added importance this week, as it comes ahead of the Labor Department's monthly jobs data Friday. Economists expect tomorrow's numbers to show the economy losing 175,000 jobs in October. The unemployment rate is expected to improve to 6.5 percent, from 6.6 percent.
Meanwhile, Cisco Systems is helping both the Dow and the NASDAQ. Shares are up 68 cents to $23.97 after the tech bellwether reported earnings that beat Street estimates and the company's CEO also noted that a recovery in the industry is "well underway." CSCO and the other 29 components of the Dow are up and the industrial average has added 200 points heading into the final forty-five minutes of trading. The NASDAQ gained 47.
Source: Seeking Alpha (Nov 05, 2009 - 3:53 PM EST)
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