U.S. stocks rise slightly despite unemployment data
U.S. stocks rise slightly despite unemployment data
11:12, November 07, 2009 
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U.S. stocks rose slightly higher on Friday despite the nation's unemployment rate reached a 26-yearhigh.
U.S. unemployment rate rose by 0.4 percentage point to 10.2 percent in October, the highest in more than 26 years, the Labor Department.
In the past month, the employers cut 190,000 jobs, more than the 175,000 economists had expected but fewer than the 219,000 lost in September. The manufacturing sector shed 61,000 jobs last month while construction industries axed 62,000 jobs. Retail trade employment fell by 40,000 over the month.
U.S. President Barack Obama said the surge in the unemployment rate was a "sobering" figure that underscored the economic challenges ahead.
The Federal Reserve has said that the nation's unemployment rate will remain elevated into 2011. Many economists believe the labor market may not get back to normal until 2013.
American International Group Inc. (AIG), the troubled insurance giant, said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year.
Shares of AIG fell 3.80 U.S. dollars, or 9.67 percent, to 35.48dollars on the New York Stock Exchange.
The Dow Jones industrial average rose 17.46, or 0.17 percent, to 10,023.42. The Standard & Poor's 500 index rose 2.67, or 0.25 percent, to 1,069.30, while the Nasdaq composite index rose 7.12, or 0.34 percent, to 2,112.44.
Source: Xinhua
U.S. unemployment rate rose by 0.4 percentage point to 10.2 percent in October, the highest in more than 26 years, the Labor Department.
In the past month, the employers cut 190,000 jobs, more than the 175,000 economists had expected but fewer than the 219,000 lost in September. The manufacturing sector shed 61,000 jobs last month while construction industries axed 62,000 jobs. Retail trade employment fell by 40,000 over the month.
U.S. President Barack Obama said the surge in the unemployment rate was a "sobering" figure that underscored the economic challenges ahead.
The Federal Reserve has said that the nation's unemployment rate will remain elevated into 2011. Many economists believe the labor market may not get back to normal until 2013.
American International Group Inc. (AIG), the troubled insurance giant, said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year.
Shares of AIG fell 3.80 U.S. dollars, or 9.67 percent, to 35.48dollars on the New York Stock Exchange.
The Dow Jones industrial average rose 17.46, or 0.17 percent, to 10,023.42. The Standard & Poor's 500 index rose 2.67, or 0.25 percent, to 1,069.30, while the Nasdaq composite index rose 7.12, or 0.34 percent, to 2,112.44.
Source: Xinhua
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