Nov 06, 2009 (SmarTrend(R) News Watch via COMTEX News Network) -- Last updated November 6, 2009: 4:30 PM ET --- The major U.S. equity indices closed marginally higher Friday after broker upgrades offset disappointing unemployment data. 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, GE (NYSE:GE) shares rose 6.4% after two analysts' upgrades. Travelers Cos (NYSE:TRV) rose 2.3% after Goldman Sachs (NYSE:GS) upgraded the stock. XL Capital (NYSE:XL) shares also rose 3.1% after a Goldman Sachs upgrade. AIG (NYSE:AIG) shares fell 9.1% after it said its main insurance business remained weak. JP Morgan (NYSE:JPM) raised Macy's (NYSE:M) to "overweight" from "neutral". The Dow Jones Industrial Average closed 0.17% higher at 10,023.42, the S&P500 was up 0.25% at 1,069.30, and the Nasdaq Composite rose 0.34% to 2,112.44.
Write to Chip Brian at cbrian@tradethetrend.com
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