The Commerce Department said a surge in exports helped narrow the trade deficit in October to $32.9 billion. Economists had been expecting an increase. The rise in exports was driven by a weaker dollar, which helps boost overseas demand for U.S. exports.
The trade figures helped offset slightly disappointing jobs numbers. The Labor Department said the number of laid-off workers seeking jobless benefits rose more than expected last week to 474,000 after falling for five straight weeks. Economists had been expecting 460,000.
Initial claims for jobless benefits have fallen steadily since this summer, but investors want to see signs that employers are hiring, not just laying off fewer workers.
Also helping to boost stocks Thursday was a weaker dollar, which tumbled against other major currencies. Stocks have been moving opposite to the dollar for months, falling when the greenback strengthens and rising when it falls.
Record-low U.S. interest rates have put downward pressure on the dollar for much of this year, leading investors to buy assets like stocks and commodities that can earn better returns than cash. In recent weeks, however, positive signals on the economy has brought expectations that the Federal Reserve might raise interest rates sooner than expected, which would force the dollar higher.
In midmorning trading, the Dow Jones industrial average rose 56.84, or 0.6 percent, to 10,393.89. The Standard & Poor's 500 index rose 5.41, or 0.5 percent, to 1,101.36, while the Nasdaq composite index rose 11.95, or 0.6 percent, to 2,195.68.
Yesterday’s Top Performing Small Cap stock:
Lux Energy Corp. (OTC BB: LUXE (NOTE: ticker changed to LUXED post split)) was a SmallCapVoice.com top performer yesterday closing up over 14% on trading volume of 79,289 shares.
Lux Energy Corp. reported yesterday that the previously announced 3-for-1 forward stock split of the Company’s shares will be formally enacted on Thursday, December 10, 2009. In conjunction with this stock split, the Company’s trading symbol will change to LUXED.
The increased share capacity realized from this stock split will give the Company the needed flexibility and structure to attract favorable equity financing opportunities,” stated Shane Broesky, President of Lux Energy Corp. “The properties purchased-to-date by the Company on minimal funding are already earning revenues as well as providing outstanding future potential for Lux Energy. This increased ability to raise capital will give management the necessary tools to duplicate this success many-fold.”
Lux Energy Corp. is an oil and gas production and exploration company focusing on developing oil and gas resources in North America.
Today’s SmallCapVoice.com Hot Stock to Watch:
Vivakor, Inc. (OTC BB: VIVK)
Vivakor, Inc. today announced that it has entered into an exclusive, $5 million license agreement with consumer product specialist, Regeneca International, Inc. (www.regeneca.com). The agreement exclusively licenses to Regeneca distribution rights to a new cutting-edge nutraceutical formulation developed by Vivakor and provides for the development of future formulations by Vivakor for Regeneca. Under the terms of the agreement, Regeneca shall be the exclusive worldwide direct-to-consumer distributor for the current formulation as well as any future nutraceutical formulations offered to Regeneca by Vivakor. Regeneca has committed to purchase from Vivakor a minimum of $5 million in product over the next three years and Vivakor will receive a 15% ownership interest in Regeneca's outstanding common stock and will be the exclusive supplier of the licensed product to Regeneca.
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