Market Close Wrap-Up: Thursday, September 2, 2010
The major U.S. equity indices closed higher Thursday following a report from the Labor Department showing that first-time claims for unemployment benefits declined for the week that ended August 28. Initial jobless claims fell by 6,000 to 472,000 last week, inline with economist expectations. A separate report showed that factory orders rose 0.1% in July. The National Association of Realtors reported that July broke out of June’s slump for the number of buyers who signed contracts to purchase homes, at 5.2%. In corporate news, Moody’s Investors Service said in a statement that it may cut debt ratings for Burger King Holdings, Inc. (NYSE:BKC) due to the considerable debt that will accrue to fund the fast food giants acquisition by 3G Capital affiliates for nearly $3.26 billion. Avis Budget Group Inc. (NYSE:CAR) boosted the cash portion of its acquisition offer for Dollar Thrifty Automotive Group, Inc. (NYSE:DTG) from $39.25 per share to $40.75 per share. The Dow Jones Industrial Average (DJI) closed 0.49% higher at 10,320.10, the S&P500 (INX) closed 0.91% higher at 1,090.10, and the Nasdaq Composite (IXIC) closed 1.06% higher at 2,200.01.
