Dow shoots for Magnificent Seven
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U.S. stocks settled higher Thursday at record levels after Wal-Mart topped expectations with its quarterly results, but the S&P 500 struggled to hold onto early gains.At the closing bell in New York, the Dow Jones finished up 40 points at 17,652, while the Nasdaq gained 5 points to 4,680, and the S&P 500 edged up 1 point to 2,039. CommoditiesGold for December delivery added US$2.40 to settle at US$1,161.50 an ounce after the jobless claims data.WTI for December delivery declined 3.9% to $74.21 a barrel on the New York Mercantile Exchange, the lowest settlement since September of 2010.Kicking off the economic calendar today, the Labor Department reported initial jobless claims increased by 12,000 to 290,000, the highest level since mid-September.Economists were calling for 281,000 new filings for unemployment benefits for the week ending November 8, up from 278,000 the prior week.Meanwhile, the September JOLTS, the government's Job Opportunities and Labor Turnover Survey, showed there were 4.7 million job openings on the last business day of September, compared to consensus expectations of 4.8 million.The hires level increased to 5.0 million in September, up from 4.7 million in August. This was the highest level of hires since December 2007.New York Fed President William Dudley said this morning it's still too early to raise interest rates given the below-target inflation. Wall Street round-upIn corporate activity, Wal-Mart (NYSE:WMT) rose over 4.5% after the retailer beat estimates on both the top and bottom line, as comparable sales were also better than expected, helped by a strong back-to-school season.Kohl's (NYSE:KSS) meanwhile reported earnings and revenue that fell short of Street estimates, with shares dropping more than 3% Thursday. J.C. Penney (NYSE:JCP) shed more than 8% even as it reported a smaller-than-expected loss for its latest quarter, as revenue fell short of expectations and comparable store sales were flat versus the previous year.Media giant Viacom (NASDAQ:VIA.B) topped earnings expectations in its fiscal fourth quarter, as revenue also beat views. Cisco (NASDAQ:CSCO) reversed earlier losses after it reported quarterly earnings and revenue that topped Wall Street forecasts after the bell Wednesday, though it warned of sluggish demand from emerging markets and telecom service providers. The company lowered its sales and profit outlook for the current quarter.Department store chain Nordstrom (NYSE:JWN) is due to report after today's closing bell. In other news, Hasbro (NASDAQ:HAS) is reportedly in advanced talks to buy DreamWorks Animation (NASDAQ:DWA) in a cash-and stock deal. Though the exact price has not yet been determined, CEO of DreamWorks Jeffrey Katzenberg is said to be seeking more than $30 a share, or about $2.6 billion, a 34% premium to Wednesday's close. Shares of Dreamworks jumped over 11%. Berkshire Hathway (NYSE:BRK.B) has agreed to buy the Duracell battery business from Procter & Gamble (NYSE:PG) in a $3 billion deal. Halliburton (NYSE:HAL) added 3% after a report in the Wall Street Journal said the company was in talks to buy Baker Hughes (NYSE:BHI).
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