The big news was in US economic data, with the October jobs report release showing the economy added fewer jobs than expected.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 23,539.19, +22.93, (+0.10%)
- S&P 500: 2,587.84, +7.99, (+0.31%)
- Nasdaq: 6,764.44, +49.49, (+0.74%)
- The US economy added 261,000 jobs in October. The report fell short of the 331,000 expected by economists. The unemployment rate did, however, fall to 4.1% — a 17-year low. Average hourly earnings were weak, growing by 2.4% year-on-year, versus expectations of 2.7%.
- Broadcom is mulling an acquisition of rival Qualcomm. The possible deal, reported by Bloomberg, would merge two of the biggest semiconductor manufacturers. Prior to the news, Qualcomm was valued at roughly $US80 billion. Both companies saw their stock rise following the report, with Qualcomm jumping just over 13% for the day.
- The GOP tax plan includes a “bubble tax” on those making more than $US1 million. The increased rate would claw back the benefit from getting the first $US45,000 of taxable income for an individual taxed at a marginal rate of 12%.
- Sears and Kmart announced 63 more store closures. The struggling retailer will close 45 Kmart stores and 18 Sears stores across the country. The news comes after Sears got a $US60 million dollar loan from the hedge fund owned by its CEO, Eddie Lampert.
- Equifax said its executives did not engage in insider trading. A special committee formed by its board concluded that the executives who sold stock in the company ahead of the disclosure of the massive data breach did not engage in insider trading.