US STOCKS-Productivity data, Cisco lift Wall Street
* Productivity rises at fastest pace in six years
* Unemployment insurance claims fall in latest week
* Cisco shares up 2 percent a day after results
* For up-to-the-minute market news, click [STXNEWS/US]
(Recasts, updates to early morning)
By Rodrigo Campos
NEW YORK, Nov 5 (Reuters) - U.S. stocks rallied on Thursday as business productivity grew at the fastest pace in six years and applications for jobless insurance fell to a 10-month low, and Cisco Systems Inc gave an extra boost to the market after posting upbeat results.
Technology bellwether Cisco (CSCO.O: Quote, Profile, Research) said Wednesday that quarterly revenue rose more than expected, and its board authorized up to $10 billion in stock buybacks. Cisco shares rose 2 percent to $23.72. For details, see [ID:nN04515993]
"We're seeing a great deal of strength this morning, with the catalyst being Cisco," said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut. "We came in with the market considered oversold so the news was likely to help." Continued...
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