Business Update for 11/27/13

Business news for Wednesday, November 27

NEW YORK (AP) — The stock market is higher in morning trading after the government reported a drop in applications for weekly unemployment benefits. The Dow was up about 25 points, while the broader indexes were also seeing modest gains. Hewlett-Packard was up more than $2 after posting a $1.4 billion profit for its fiscal fourth quarter and forecast a strong profit for the current quarter.

WASHINGTON (AP) — The Conference Board says its index of leading economic indicators rose 0.2 percent in October to a reading of 97.5. It's the sixth gain in seven months and follows large gains in the previous two months. The gain suggests consumers and businesses mostly shrugged off the 16-day partial government shutdown.

WASHINGTON (AP) — First-time claims for unemployment benefits dropped by 10,000 last week. The Labor Department says the number of Americans filing applications dropped to a seasonally adjusted 316,000. The less volatile four-week average fell 7,500 to 331,750. Both numbers are at pre-recession levels.

WASHINGTON (AP) — Durable goods orders fell 2 percent last month. The Commerce Department says commercial aircraft accounted for much of the decline, with demand plunging nearly 16 percent. But orders also fell 1.2 percent when the volatile transportation category and defense orders are excluded. The report conflicts with a private sector survey, which showed companies boosting orders.

MARIETTA, Ga. (AP) — The Braves have been playing at Turner Field in downtown Atlanta since 1997, but they are a step closer to moving out of today. The Cobb County Commission in suburban Atlanta last night approved a proposal for a $672 million stadium, which officials hope to open for the 2017 season. The site is 10 miles northwest of downtown. The deal will require millions of dollars in public funds.

NEW YORK (AP) — Tuesday was a light day of trading, but the gains were enough to lift the Nasdaq Composite to its first close above 4,000 in 13 years. The Nasdaq rose 23 to finish at 4,017.75. The other two major stock indexes barely budged. The Dow rose less than a point to 16,072.80 and the S&P500 index also rose less than a point to 1,802.75. Futures point to a positive move at this morning's opening.

MANILA, Philippines (AP) — International stock markets eked out modest gains today as Wall Street looked set to add to a string of milestones ahead of the Thanksgiving holiday. One analyst says some funds from Asia are being invested in the U.S. and Germany, where stock indexes are setting record highs. Benchmark crude oil fell below $93.50 a barrel. The dollar gained against the yen and fell against the euro.

WASHINGTON (AP) — The Thanksgiving holiday is making it a busier day than usual for economic data, with two weekly reports out a day early. The Labor Department leads things off with its report on jobless claims. At the same time, the Commerce Department releases durable goods for October. Later this morning, Freddie Mac provides its regular update on mortgage rates. And the Conference Board releases its index of leading economic indicators for October.

WASHINGTON (AP) — The price of gasoline is down considerably from its peak this year and some analysts say that could turn out to be music to the ears and cash in the wallets of retailers during the holiday shopping season. History shows that when gas prices drop, consumers become more likely to splurge on dinners out and impulse buys at the mall seem like less of a stretch.

BERLIN (AP) — A survey finds that German consumer confidence is on the rise amid expectations that Europe's biggest economy will pick up speed and people's income will increase. The GfK research institute says that its forward-looking confidence indicator rose to 7.4 points for December after stalling at 7.1 in November. It says Germans' economic expectations picked up for the third month in a row.