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12A Daily News – Friday, November 11, 2011 NEW YORK (AP) — Signs of progress in Europe's debt crisis and an unexpected drop in unem- ployment claims pushed stocks higher Thursday, a day after the stock market took its worst fall since the summer. Progress in Italy, Greece on debt sends stocks up Wall Street down soon. The Dow Jones industri- dropped below 7 percent after spiking above that level Wednesday. Investors were also Greece named a new prime minister Thursday and Italy borrowed $6.8 bil- lion at lower interest rates than analysts expected. Italy's benchmark rate relieved by talk that the economist Mario Monti is likely to replace Premier Silvio Berlusconi, who was seen as an obstacle to mean- ingful economic reforms. Italy's president pledged that Berlusconi will step al average rose 112.92 points, or 1 percent, to close at 11,893.86. It plunged 389 points Wednesday after Italy's borrowing rates soared and talks in Greece to name a new prime minis- ter broke down. Traders have been concerned that debt troubles in Italy and Greece could spread to the U.S. and lead to a global financial crisis. Pre Holiday Entire Inventory 25% off Peter Cardillo, chief market economist at Rock- well Global Capital, called the drop in unemployment claims and the news from Europe encouraging. ''It's got the markets on the cheerful side,'' he said. The S&P 500 index gained 10.60, or 0.9 percent, to 1,239.70. The Nasdaq rose 3.50 points, or 0.1 per- cent, to 2,625.15. Apple Inc. fell 2.5 percent, dragging down the Nasdaq. The Labor Department reported early Thursday that the number of people apply- ing for unemployment ben- efits fell to 390,000 last week. That figure and the four-week average were the lowest since April. The drop is a sign the job market may be improving. There were also signs of progress in Greece, the other focus of Europe's debt crisis. A day after a break- down in power-sharing talks in Greece jolted finan- cial markets, senior banker Lucas Papademos was named prime minister of a new coalition government. Papademos, a former vice president at the European Central Bank, is tasked with passing austerity measures being demanded by interna- tional lenders. Cardillo said he didn't believe that the worst pre- dictions about Europe's debt crisis would come true. If things get bad enough, he said, the U.S. would have no choice but to come to the Counseling Center Giving Families Hope! Did you think we were just for children? • Individual & Family Counseling • Couple/Relationship Issues • Anger • Depression • Anxiety • Emotional Trauma • Family Relationships • Parenting Call our office for more info. 529-9454 Red Bluff 590 Antelope Blvd. Suite B-30 Corning Counseling Center 275 Solano Street #2 RANDAL S. ELLOWAY DDS IMPLANTS DENTISTRY 2426 SO. 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