The U.S. unemployment rate leaped to a 14-year high of 6.5% in October from 6.1% the previous month. However, bargain hunters cautiously bought stocks after a staggering two-day sell-off. The Dow added 44 points to 8740 while Nasdaq climbed 10 points to 1618.
On the upside
Ford Motor (NYSE: F) posted a 3rd quarter loss as the struggling automaker burned through $7.7 billion in cash. However, its CFO was confident that the company would make it through 2009.Fluor (NYSE: FLR) raised its outlook for the rest of the year and 2009. Analysts promptly upgraded the engineering and construction company.
Graphic chips maker Nvidia (Nasdaq: NVDA) reported lower 3rd quarter revenues and earnings, but the results beat expectations.
On the downside
Shares of Yahoo (Nasdaq: YHOO) fell after the CEO of Microsoft (Nasdaq: MSFT) dismissed the idea of making another offer for the Internet portal and search engine, but suggested a willingness to partner.
Wells Fargo (NYSE: WFC) priced an $11 billion stock offering at $27 a share. The stock price promptly fell.
Genworth Financial (NYSE: GNW) posted a 3rd quarter loss, withdrew its full-year guidance, suspended its quarterly dividend and stock buyback program and mulled over possible asset sales.
