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Market shakes off dire unemployment data
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Is the pace of unemployed workers slowing?
Unemployment posted an unhappy surprise, up to 10.2% in October, but stocks managed to shake off early losses and end with narrow gains.
Even though the Labor Department's monthly report of the employment data wasn't pretty, the jobless rate jumped up to its highest level since 1983, investors took solace in a drop in the number of job losses as nonfarm payrolls shed 190,000, fewer than September's 219,000. Figures on the average workweek and hourly earnings were also improved from last month according to Forbes.
The major indexes posted a modest advance, with the Dow Jones industrial average rising 17.46 points to 10,023, the S&P 500 was up 3 points to 1,069. The Nasdaq was 7 points higher at 2,112.
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