New York (AP) -- A drop in unemployment claims and an upbeat forecast from Cisco Systems Inc. is giving investors new reason to be optimistic about the economy.
Stocks ended sharply higher Thursday following a Labor Department report that the number of newly laid-off workers seeking unemployment benefits fell to 512,000 last week. That's the lowest level since January. The biggest jump in productivity in six years is fanning hopes for higher corporate profits.
The Dow Jones industrials are up 204 at 10,006. The Standard & Poor's 500 index is up 20 at 1,067, while the Nasdaq composite index is up 50 at 2,105. Four stocks rose for every one that fell on the New York Stock Exchange.
Volume was 1.3 billion shares compared with 1.4 billion Wednesday.
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Health Care Reform Debate 11/21
Michigan Senator Debbie Stabenow addresses the floor on the first vote that will take place for the health reform bill.
Health Care Debate 11/21
Michigan Senator Carl Levin addresses the Senate prior to a vote on the health care reform bill.
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