Market Wrap: Initial Claims Surprise Street; Upbeat Bernanke Moves Markets; Microsoft Shifts Alignment

Market wrap for July 11th

End of the Day: S&P 500 up 22.4 to 1,675.02; Dow Jones up 169.3 to 15,460.92; Nasdaq up 57.5 to 3,578.30

* Data from the U.S. Commerce Department had initial claims rising 16,000 to 360,000 applications for the week ended July 6th. That's up from a revised 344,000 apps and expectations for a dip to 340,000 apps. The four-week moving average rose from 345,750 apps up to 351,750 apps, data show. * Bernanke's speech kept markets positive Thursday. The S&P 500 closed at a record high of 1,675.02 and the Dow Jones Industrial Average rose to

* Microsoft (Nasdaq: MSFT) announced a far-reaching realignment of the company, including four engineering areas -- OS, Apps, Cloud, and Devices -- and Dynamics. New management appointments were also announced by the company.

* The U.S. Treasury Department said today that revenue outpaced spending by $116.50 billion last month, up from a deficit of $59.74 billion reported in the same period last year.

* Gap Inc. (NYSE: GPS) reported that June 2013 net sales increased 8 percent compared with last year. Comps for the month improved 7 percent.

* Markets got a little startle on Thursday as an apparent gas leak led to an explosion of a downtown Manhattan building today. CBS said that eight people were injured in the event with three people in critical condition. Volume spiked briefly on the news, but returned to normal when it wasn't found to be a market-moving event.

*The average 30-year fixed mortgage rate rose to 4.66 percent last week, according to Bankrate.com's weekly national survey. The rate is a 2-year high and is up from 4.48% last week as markets reacted to the latest jobs report, which showed the U.S. added 195,000 non-farm jobs to payroll in June versus an expected 165,000 additions. April and May jobs numbers were also revised higher.

* AT&T (NYSE: T) and Nokia (NYSE: NOK) announced the Nokia Lumia 1020 featuring breakthrough PureView camera technology. Available exclusively from AT&T beginning July 26, the Lumia 1020 is priced at $299.99 with a two-year agreement and comes in matte black, matte white and matte yellow.

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