Stocks Rally On Jobless-Claims Report.

Initial unemployment claims hit their lowest level since January. Retailers post better-than-expected same-store sales. Cisco CEO sees recovery building.

Posted by Elizabeth Strott on Thursday, November 5, 2009 9:59 AM

Updated at 1:30 p.m. ET 

Stocks were surging today as bulls took this morning's economic data as another sign of a recovery. 

At 1:30 p.m. ET, the Dow Jones Industrial Average($INDU) had gained 168 points to 9,970. The NASDAQ Composite Index ($COMPX) had added 43 points to 2,099, and the Standard & Poor's 500 Index ($INX) was up 16 points to 1,063. 

The gains came after the Labor Department this morning said initial jobless claims fell 20,000 to 512,000 last week -- the lowest level since January -- and a report that showed that U.S. productivity rose at the fastest pace in six years in the third quarter. 

Crude oil fell 49 cents to $79.91 a barrel this afternoon. Gold was trading at $1,089 an ounce after hitting a record high of $1,097.72 on Wednesday. 

Both the European Central Bank and the Bank of England kept their key lending rates on hold this morning. The Federal Reserve did the same on Wednesday.

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