Wall Street reversed small pre-market losses and was now trading modestly higher with the Nasdaq setting another record high on gains in the healthcare sector.
Stocks were underpinned after the open by buoyant labor market data, and a greater-than-expected gain in November wholesale inventories and sales, as well as by a slight correction in the dollar that is easing pressure on multi-national corporations.
The number of jobs available in the U.S. increased to 5.522 million in November, slightly below estimates for a gain to 5.555 million, but up 1.3% from the prior month.
Additionally, wholesale inventories rose 1.0% in November while sales were up 0.4%, driving the inventory/sales ratio up to 1.32 months from 1.31 months in November.
In corporate news, shares of Yahoo (YHOO) were higher after CEO Marissa Mayer unveiled plans to resign from the company’s board if, and when, the company’s internet assets are sold to Verizon (VZ). The remaining assets, which include its holdings in Alibaba (BABA) and Yahoo Japan, will be renamed Altaba, of which Mayer will remain CEO.
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