Economists were given a respite from last week's packed agenda, as only two reports were released this week. The Department of Commerce announced that the U.S. trade deficit widened in September to $36.5 billion. Meanwhile, initial jobless claims fell by 12,000, to 502,000, suggesting that the labor market is starting to improve. With little economic news to digest, the S&P 500 Index rose 2.3% to 1,093 (for a year-to-date total return of about 24%) for the week ended November 13. The yield of the 10-year U.S. Treasury note fell 11 basis points to 3.43% (for a year-to-date increase of 118 basis points).
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