Oil Inventory Down Unexpectedly by Evelyn M. Rusli:
Oil prices spiked Thursday morning after the weekly inventory report revealed an unexpected decline of 8.8 million barrels. That pushed the price of oil up almost $2, to just under $133 a barrel.

The GDP increased by 0.9% in the first quarter, an upward revision from the previous reading of 0.6%. Although it was just shy of economists' expectations for a 1% advance, it does indicate that the U.S. is not technically in a recession yet.

Meanwhile, the job market continues to deteriorate. Weekly jobless claims ticked higher to 372,000, slightly worse than expectations.

On the earnings docket, the spotlight was on retailers. Costco (nasdaq: COST - news - people ) said profits jumped 32% in the third quarter on higher sales as more bargain shoppers gravitated to wholesale retailers. Big Lots (nyse: BIG - news - people ), a closeout retailer, also noted that profits jumped 20% in the last quarter.

But Sears Holdings (nasdaq: SHLD - news - people ) was not so lucky. The parent company of K-Mart reported another disappointing quarter as it swung to a loss of $56 million. Shares of Sears were down about 2%.

General Motors (nyse: GM - news - people ) was in focus on the Dow, following reports the automaker is working on a restructuring plan to manage the declining U.S. auto market and the soaring cost of fuel. GM is reportedly cutting production and shifting focus from SUVs and trucks to more cars and "crossover" vehicles.

Thursday also represents the symbolic end of Bear Stearns (nyse: BSC - news - people ) as an independent firm after an 85-year run, with shareholders expected to approve the sale of the brokerage to JPMorgan Chase (nyse: JPM - news - people ) in a takeover aided by the Federal Reserve. Back To News

We Are Here To Do Business!

::: CommoditieShop, I Want It all!