The markets began to make a bit of a recovery this morning after a tough day on Wall Street yesterday, but pared those gains later in the day, despite a better than expected unemployment report.
The Labor Department is reporting a drop in jobless claims of 8,000 to a seasonally adjusted 355,000 in the previous week.
Meanwhile, the four-week moving average rose to 370,500.
Also on the economic front, the U.S. trade deficit fell to the lowest level in nearly two years, due to an increase in exports. The deficit narrowed to $41.5 billion in September, according to the Commerce Department.
Shares of Qualcomm (NASDAQ:QCOM) jumped 7.1 percent this morning as the company topped earnings expectations as also reported better-than-expected full year profit and sales guidance.
Kohl's (NYSE:KSS) reported third quarter profit that was stronger than expected, as the company is also forecasting a rise in holiday sales.
Tomorrow, we'll take a look at the consumer sentiment report as well as earnings from JC Penney (NYSE:JCP).
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