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Weekly Recap Oct 8 - U.S. Markets
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October 9, 2010 12:01 a.m. EST
Topics: business, market and exchange, economy, business and finance, securities, United States
 
Mitchell Jaworski - AHN News Reporter
New York, NY, United States (AHN) - U.S. markets finished the week at their best levels since May as investors shook off mixed unemployment data and took solace in a strong start to earnings season.
 
 Before Friday’s opening bell, the Labor Department said nonfarm payrolls declined by 95,000 in September, while estimates called for no net change. However, the unemployment rate held steady at 9.6 percent, better than the increase to 9.7 percent expected.
 
 Alcoa (NYSE: AA), which is the first Dow stock to report third quarter earnings, topped estimates after announcing it earned 9 cents a share on a 2 percent rise in revenue to $5.3 billion.
 
 The Dow Jones Industrial average rose 58 points or 0.5 percent to close above the 11,000 mark. 24 of 30 Dow components finished higher on Friday, with shares of Alcoa leading the way, up 5.7 percent.
 
 The S&P 500 added 7 points or 0.6 percent as nine of 10 major economic sectors finished higher on Friday.
 
 The Nasdaq Composite rose 18 points or 0.8 percent as big-cap tech led the way. Shares of Apple (NSDQ: APPL) continued to act strong, adding 1.7 percent on Friday.
 
 Crude oil added 1.2 percent to close out the week, settling at $82.63 a barrel on the New York Mercantile Exchange.
 
 Elsewhere, Drug maker Sanofi-Aventis (NYSE: SAN) announced plans to eliminate 1,700 jobs in the U.S. as part of a restructuring.
 
 Bank of America (NYSE: BAC) announced that it is halting foreclosure proceedings in all 50 U.S. states to review tens of thousands of documents for possible flaws.
 
 Next week’s market will see the release of the Federal Open Market Committee (FOMC) minutes from the Sept. 21 meeting, followed by the September treasury budget and retail sales later in the week.
 
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