Nov 06, 2009 (SmarTrend(R) Market Commentary via COMTEX News Network) -- Last updated November 6, 2009: 12:45 PM ET --- The major U.S. equity indices are trading marginally higher Friday as brokerage upgrades offset data showing a 10.2% rise in the unemployment rate, which is the highest in over 26 years. The U.S. unemployment rate rose to 10.2% in October. Nonfarm payrolls dropped by a seasonally adjusted 190,000 in October, which brings the total number of jobs lost in the recession to 7.3 million. It is the 22nd straight decline in payrolls and the largest losses were seen in manufacturing, construction, and retail. In corporate news, General Electric (NYSE:GE) shares rose 5.5% after a brokerage upgrade. Goldman Sachs (NYSE:GS) upgraded Travelers Cos (NYSE:TRV) and XL Capital (NYSE:X) to "buy" from "neutral". Amazon.com (NASDAQ:AMZN) shares rose 4.2% after Bernstein upgraded the stock. The Dow Jones Industrial Average is trading 0.20% higher at 10,026.06, the S&P500 is up 0.23% at 1069.06, and the Nasdaq Composite is up 0.25% at 2,110.62.
Write to Chip Brian at cbrian@tradethetrend.com
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