Stocks surge on jobs data, Cisco forecast

In this Nov. 4, 2009 photo, traders work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

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.

Tags: 10000, Cisco Systems Inc., Dow Jones Industrial, labor department, Nasdaq, SDNN

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