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BUSINESSThursday 26 November 2015

Wall Street wobbles into Thanksgiving sideways Applications for US
unemployment aid

MARLEY JAY fiscal fourth-quarter results The U.S. government said Spending on long-lasting benefits fall to 260K

AP Markets Writer and projections for the cur- crude oil stockpiles rose manufactured goods im- CHRISTOPHER S. RUGABER
NEW YORK (AP) — Stocks rent fiscal year were better last week. They are at their proved in October after AP Economics Writer
wobbled on Wednesday than analysts expected. highest levels in at least 80 two months of declines. A WASHINGTON (AP) — The
and finished little changed While sales of tractors and years. measure ofbusiness invest- number of people seek-
before the Thanksgiving ing U.S. unemployment aid
holiday in the U.S. Santa Claus, from the Macy’s Thanksgiving Day Parade, visits the trading floor of the New York dropped sharply last week,
The market was positive Stock Exchange before the opening bell, Wednesday, Nov. 25, 2015. the Labor Department said
for most of the day, but its Wednesday, the latest sign
gains dissipated in the fi- (AP Photo/Richard Drew) that businesses are cutting
nal minutes of trading. Last few jobs.
week the markets made bulldozers and other ma- NRG Energy lost 44 cents, ment improved by the big- THE NUMBERS: Weekly ap-
their biggest weekly jump chinery have dropped, or 3.5 percent, to $12.18. gest amount since July. plications for jobless ben-
of 2015, but the indexes Deere has slashed its costs. ConocoPhillips fell 94 cents, Brad Sorensen, director efits dropped 12,000 last
have hardly budged this The stock rose $3.66, or 4.8 or 1.7 percent, to $54.38. of market and sector re- week to a seasonally ad-
week. percent, to $80. The price of U.S. crude rose search for Charles Schwab, justed 260,000. That is not
The Dow Jones industrial Hewlett-Packard reported 17 cents, or 0.4 percent, to said there were no big sur- far from the four-decade
average rose 1.20 points to earnings for the final time $43.04 a barrel in New York. prises in the economic re- low of 255,000 reached in
17,813.39, while the Stan- Tuesday night, weeks after Brent crude, a benchmark ports. Most were a bit bet- July. The four-week aver-
dard & Poor’s 500 index lost the tech giant formally split for international oils, picked ter than expected, and age, a less volatile mea-
0.27 points to 2,088.87. The into two separate compa- up five cents to $46.17 a wages and compensation sure, was unchanged at
Nasdaq composite index nies. HP, which inherited barrel in London. for workers appear to be 271,000.
picked up 13.33 points, or the parent company’s PC, Wholesale gasoline rose rising. “Both of those things The number of people that
0.3 percent, to 5,116.14. printer and commercial 0.6 cents to $1.396 a gal- play into the Fed being are receiving benefits rose
U.S. markets will be closed softwarebusiness, sank $2, lon. Heating oil inched up comfortable raising interest 34,000 to 2.2 million.
Thursday for Thanksgiving. or 13.7 percent, to $12.64 0.3 cents to $1.403 a gal- rates next month,” he said. THE TAKEAWAY: Applica-
They will reopen Friday but as its sales weakened. lon. Natural gas rose 0.6 Most experts think the Fed- tions are a proxy for layoffs,
will close at 1 p.m. Eastern. Hewlett Packard Enterprise cents to $2.206 per 1,000 eral Reserve will begin rais- so last week’s drop is a sign
A rebound by drugmakers gained 43 cents, or 3.1 cubic feet. ing its key interest rate at its that companies are cut-
Pfizer and Allergan boost- percent, to $14.12. Sales The Commerce Depart- mid-December meeting. ting few jobs.
ed the health care sector, of hardware for data cen- ment said consumer That rate has been near KEY DRIVERS: Steady job
while consumer stocks like ters, including servers and spending inched up 0.1 zero since 2008. gains over the past three
e-commerce giant Ama- networking devices, im- percent in October, the Sorensen said he thinks years have put more
zon.com and home re- proved. second small gain in a row. tech stocks will do well Americans back to work
tailer Home Depot rose in Energy stocks, which Despite weak spending in over the next few months and there are early signs
the last trading day before surged Tuesday, gave September and October, as consumers continue that wages are rising. That
Black Friday unofficially back some of their gains economists think spending to spend on electronics is lifting consumer spend-
kicks off the holiday shop- even though the price will keep growing because and businesses invest more ing and boosting growth.
ping period. of oil increased slightly. the labor market is strong. in technology.q The strong dollar and slow-
Pfizer rose 90 cents, or 2.8 er overseas growth have
percent, to $32.87 and reduced corporate profits
Irish counterpart Allergan but so far there is no sign
added $8.83, or 2.8 per- companies are responding
cent, to $320.26. On Mon- by cutting workers.
day the two drugmakers BIG PICTURE: The low level
said they would combine of applications has co-
in a deal valued at about incided with solid hiring.
$155 billion. Pfizer shares Employers added 271,000
fell a combined 10 per- jobs in October, the largest
cent Monday and Tues- monthly gain this year. The
day, and Allergan shares unemployment rate fell to
also slipped after the deal 5 percent from 5.1 percent
was announced. However in the previous month. Em-
the stock is up 12 percent ployers have added an
since late October, when average of 206,000 jobs a
the companies confirmed month this year, enough to
they were in talks. lower the unemployment
Agricultural equipment rate over time.
maker Deere rose after its There have also been signs

that average pay is finally

Turing reneges on drug price cut, rival’s sells well picking up after roughly six
years of sluggish growth.

LINDA A. JOHNSON reneging on its pledge to women and HIV patients. drugs for individual patients Wages and salaries rose
AP Health Writer cut the $750-per-pill price. The 62-year-old drug had stepped in and started sell- 0.6 percent in October, the
Commerce Department

TRENTON, N.J. (AP) — Af- Instead, the small biotech no competition until a fu- ing a capsule version for said Wednesday, the larg-

ter weeks of criticism from company says it’s reduc- ror over the gigantic price 99 cents. Imprimis Pharma- est gain since May.

patients, doctors and even ing the price for hospitals hike erupted, triggering ceuticals says orders are In the July-September

other drugmakers for hik- by up to 50 percent for its multiple government inves- pouring in from doctors quarter, wages and sala-

ing a life-saving medicine’s Daraprim, which treats a tigations. and it says it has dispensed ries grew at a 5.4 percent

price more than fifty-fold, rare parasitic infection that Then a pharmacy that more than 2,500 capsules annual rate from the previ-

Turing Pharmaceuticals is mainly strikes pregnant compounds prescription in barely a month.q ous quarter.q