Stock Exchange up in early trading

By: Associated Press Email
By: Associated Press Email

November 7, 2008

NEW YORK -- Stock prices are firm in early trading.

The Dow Jones Industrial Average is up 107 points in the first few minutes of trading.

The Nasdaq Composite Index is ahead 20 points and the Standard-and-Poor's 500 Stock Index is up 9 points.

Before the opening bell, the Labor Department said that the nation's unemployment rate rose to a 14-year high of 6.5 percent in October. Employers reduced payrolls by 240,000 jobs, which was more than analysts expected.

Ford announced that it lost $129 million in the third quarter and burned through $7.7 billion in cash. It is cutting 10 percent of its salaried work force in North America. General Motors is to release its results this morning as well.

The stock market is coming off of two days of large losses that trimmed 10 percent off of the major averages.

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