Global stocks moved higher while the dollar slid after the Federal Reserve announced that it will buy $600 billion in government bonds over the next eight months as part of a plan to further aid the economic recovery. The Fed also said it would “regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and adjust the program as needed to best foster maximum employment and price stability.”
Initial jobless claims for the week ended October 30 totaled 457,000, up from 437,000 the week before and higher than the 443,000 expected. Continuing claims dropped 42,000 to 4.34 million. A separate report showed nonfarm productivity in the third quarter surprised on the upside, increasing 1.9%, after declining 1.8% in the prior quarter. Unit labor costs edged down to an annualized 0.1% in the third quarter, after rising 1.3% in the second quarter. Costs were below analysts’ expectations.
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