Wall Street hesitant before the promise of land sales
September 2, 2010 – 6:10 pmWall Street opened on a tentative note, awaiting the promise of land sales, while jobless claims fell against all odds but that productivity was revised down sharply.
A few minutes after the start of trading, the Dow Jones gained 0.04% to 10,273.86 points, the Standard & Poor's 500 index 0.14% to 1081.76 points and the Nasdaq Composite 2177.88 0.05% points.
The Labor Department announced that the number of registered unemployed had fallen to 472,000 in the week to Aug. 28, against 478 000 (revised figure of 473,000 previously announced) the previous week.Economists had expected jobless claims averaged 475,000.
But alongside this, the estimate of non-farm productivity in the second quarter was revised sharply downward. The latter has so contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced.
As for values, Burger King jumped 24% after confirming its acquisition by the investment firm 3G Capital at a price of $ 24 a share in a transaction valued four billion dollars (3.12 billion euros).
Avis Budget has announced that it had raised its share from 3.8% cash portion of its offer for rival Dollar Thrifty Automotive Group.The title of the Pretender took 0.2%, while that of its target earning 0.63%.
AOL and Google respectively gained 2.23% and 0.23% after the five-year renewal of their agreement in the research on the internet.
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