Since the Great East Japan Earthquake and Tsunami, Japan has struggled to regain its footing and climb back to higher ground, but there are growing indications the nation’s efforts may be gaining traction.
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Stocks struggled to stay in positive territory, in a volatile trading session today, following yesterday’s surge as investors remain uncertain over the economy with more budget issues looming in Washington. President, Barack Obama and Republicans face two more months of tough discussions on spending cuts and an increase in the nation's debt limit, as the hard-fought deal to avert the fiscal cliff covered only taxes and delayed decisions on expenditures until March 1.
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Ahead of the Bell: Dow futures are trading up 65 points and S&P futures are trading up 5 points on rising optimism that a deal will be reached in Washington during the lame duck session on revenues and spending cuts, to avoid the economy going over the fiscal cliff. There is also hope that Greece will receive its next round of bail-out funds, as European officials are expected to discuss a two-year funding deal for the debt laden nation.
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Stocks closed on session lows, as materials and energy sectors dragged, outweighing the better than expected government jobs report. The euro zone debt crisis continued to take its toll, as investors remain uncertain in Greece’s ability to pass the next piece of its bailout.
The unemployment rate moved up one tenth in October to 7.9% after dropping to 7.8% the prior month.
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Breakfast Bites: Equities already trading in positive territory early in today’s session thanks to some good economic news out of China and Europe, got a shot in the arm from better than expected manufacturing data for September.
The Institute for Supply Management’s U.S. Factory index rose to 51.5 in September from 49.6 a month earlier
China’s official PMI rose to 49.8 in September from 49.2 in August, but it was the seventh straight quarter of slowing growth for the world's second-largest economy
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