Unexpected Drop In Unemployment Rate Lifts Markets
An unexpected drop in the nation's unemployment rate in September to 7.8% from 8.1% lifted the markets to a higher open with the Dow gaining 85 points to 13,661. Nasdaq climbed 21 points to 3171. On the upside
Mexican tax authorities ruled favorably on Primero Mining's (NYSE: PPP) Advance Pricing Agreement. Avon (NYSE: AVP) chairman Andrea Jung will resign at the end of the year. Energy Transfer Partners (NYSE: ETP) successfully completed its merger with Sunoco. On the downside Zynga (Nasdaq: ZNGA) warned of losses for the third quarter and cut its revenue guidance for the full year. Cell Therapeutics (Nasdaq: CTIC) priced its public offering of convertible preferred stock. Glu Mobile (Nasdaq: GLUU) will release third quarter results after market close on Thursday, November 1, 2012. In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 850.