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Schwab Market Update
Posted: 9/9/10 4:15 PM ET Stocks got off to a strong start today and managed to hang on to modest gains, following the release of a better-than-expected read on US jobless claims and a narrower trade deficit. The optimistic data sent Treasuries lower and helped to ease some of the recent concerns about a double-dip recession, although lackluster trading volume this week has made the upward movement less convincing. In equity news, Dow member McDonald’s Corp reported a 4.9% increase in global same-store sales, while Men’s Wearhouse Inc posted 2Q EPS that beat analysts’ expectations. The technology sector was helped by an announcement from Apple Inc. that it would relax some of its restrictions on application development, which sent shares of Adobe Systems Inc higher. Moreover, Oracle Corp and NetApp Inc agreed to dismiss their patent litigation against each other. On the M&A front, 3M Co. agreed to acquire Arizant Inc. for $810 million. |