| Stocks ended sharply highertiffany jewellery on Wednesday, boosted in part by a bigger-than-expected drop in the number of U.S. jobless claims last week.
The Dow Jones industrial average closed at 11,187.28, up 150.91 points, or 1.4 per cent. The broader S&P 500 closed at 1198.35, up 17.62 points, or 1.5 per cent. The gains virtually erased Tuesday’s steep slide. In Canada, the S&P/TSX composite index closed at 12,901.99, up 108.24 points, or 0.9 per cent.
Stocks had been set to rise early in the day, as tensions appeared to subside on the Korean peninsula – a day after North Korea shelled an island held by South Korea, killing two solders.
But the U.S. Labour Department’s report on jobless claims certainly gave stocks a big boost in the right direction. Claims fell by 34,000, to 407,000, for the period ended last week, bringing the number to its lowest level in more than two years. The report has fuelled hopes for a sustained improvement in the struggling employment situation, not to mention consumer spending.
Boeing Co. rose 2.9 per cent and Bank of America Corp. rose 1.7 per cent. Tiffany & Co. rose 5.3 per cent after the jewellery retailer reported strong quarterly results. Online retailer Amazon.com Inc. rose 5.4 per cent.
U.S. markets will be closed on Thursday for the Thanksgiving Day holiday.
Canadian stocks were strong after the price of crude oil rebounded to $83.86 (U.S.) a barrel, up $2.61. Suncor Energy Inc. rose 1.3 per cent and Canadian Natural Resources Ltd. rose 1.9 per cent. As well, Research In Motion Ltd. rose 1.8 per cent.
However, Maple Leaf Foods Inc. sank 10.1 per cent , a day after Ontario Teachers’ Pension Plan announced that it would sell its remaining 25 per cent stake in thebuy tiffany company – at a substantial discount to Maple Leaf’s trading price.
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