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US stocks waterlogged by Sandy's mounting costs

Associated Press Modified: November 2, 2012 at 3:46 pm •  Published: November 2, 2012
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The day started with a burst of hope: In the last big piece of economic news before Tuesday's presidential election, the Labor Department said employers added 171,000 jobs last month, while the unemployment rate ticked up to 7.9 percent. More jobs were added in the previous two months than was first reported, the government said.

European stocks rose on the news and U.S. stocks opened higher. The Dow gained as much as 57 points in the first half-hour of trading. After that, the indexes commenced a steady slide.

All ten categories in the S&P 500 were lower by the end of the day. Consumer discretionary stocks had the narrowest loss.

Internet travel sites priceline.com and TripAdvisor Inc. were among the S&P 500's top gainers. The companies surprised investors with better-than-expected third-quarter earnings after the market closed on Thursday. TripAdvisor rose $5.71, or 19 percent, to $35.12. Priceline added $48.64, or 8 percent, to $634.74.

Starbucks rounded out the S&P 500's top three gainers, adding $4.22, or 9 percent, to $50.84. The ubiquitous coffee vendor said late Thursday that global revenue at cafes open at least a year rose 6 percent during its fiscal fourth quarter, which runs from July through September.

Home decor retailer Restoration Hardware Holdings Inc. shot up $7.10, or 30 percent, to $31.10 in its first day of trading on the New York Stock Exchange.

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AP Business Writer Steve Rothwell contributed to this story.

Daniel Wagner can be reached at www.twitter.com/wagnerreports.