Daily Market Wrap: December 5, 2012 Wednesday, December 5, 4:11 PM ET
A handful of better than expected economic reports kept the Dow and S&P in positive territory while the Nasdaq was impacted by Apple's (NASDAQ:
On the economic front, the Commerce Department is reporting a gain of 0.8 percent in factory orders, while economists were expecting a flat reading.
Expansion of the US services sector was also larger than expected, with the ISM manufacturing index coming in at 54.7 in November.
Meanwhile, the Mortgage Bankers Association is reporting a 4.5 percent increase in weekly mortgage applications last week.
C) announced today it is cutting 11,000 jobs worldwide in an effort to reorganize the company and cut costs.
The move will reportedly save the bank over $1.1 billion a year in expenses. The news sent shares higher today.
Tomorrow, we'll have the numbers for weekly jobless claims as well as earnings from H&R Block(NYSE:
HRB) and Lululemon (NASDAQ: LULU).
For MarketNewsVideo.com, I'm Sayoko Murase.
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Daily Market Wrap: December 5, 2012
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