NEW YORK (AP) — Stocks are backing down from the record closing-highs set yesterday. Traders are looking over the government’s latest jobs report, which shows solid gains in October and a decline in the unemployment rate, but still fell short of economists’ forecasts. Among the big movers, Abercrombie & Fitch is down nearly 12 percent and Humana off close to 4 percent after reporting financial results that fell short of forecasts.
WASHINGTON (AP) — The government says employers added 214,000 jobs last month, lowering the jobless rate to 5.8 percent. Employers have now added at least 200,000 jobs for nine straight months — the longest such stretch since 1995, while unemployment is at its lowest rate since July 2008. But the average hourly pay of workers rose just 3 cents and is barely ahead of the inflation rate over the past year.
NEW YORK (AP) — Abercrombie & Fitch is struggling. Sales fell more than expected in September and October as shoppers shunned clothing with the retailer’s logo on it. It also reported weaker sales at its European stores, especially at its Hollister brand. That added up to a 12 percent drop in revenue and third-quarter earnings of between 40 and 42 cents per share, far below analysts’ expectations of 68 cents per share. Abercrombie & Fitch has been trying to win customers back by removing logos from its clothing and closing some stores.
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says the Fed is striving to clearly communicate its intentions on interest rates in order to minimize surprises that could disrupt financial markets both in the United States and globally. Speaking in Paris at a conference sponsored by the Bank of France, Yellen says that moving from a period of very low interest rates to more normal levels of interest rates will lead to heightened volatility but will be an important sign that economic conditions are “finally emerging from the shadow of the Great Recession.”
MOSCOW (AP) — Russia’s central bank is trying to stop the ruble’s nosedive. The ruble hit an all-time low today amid concern over Western economic sanctions and a fall in the price of oil and gas exports. However, it bounced back a bit after the central bank said it stands ready to intervene in currency markets.
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