U.S. markets surge Thursday

Nov 5th, 2009 - UPI

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NEW YORK, Nov. 5 (UPI) -- A drop in first-time jobless claims and increased productivity helped push U.S. stocks over the 10,000 point mark Thursday.

The Labor Department said initial claims for unemployment benefits fell by 20,000 to 512,000 in the week ending Oct. 31. The department also said productivity shot up 9.5 percent in the third quarter, beating expectations by 3.2 percentage points.

Wednesday's Federal Reserve announcement that it would keep bank-to-bank lending rates unchanged sent stocks tumbling but confidence returned Thursday with the Dow Jones industrial average gaining more than 200 points, the most since mid-July.

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