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Sydney - Friday - November 5: (RWE Australian Business News) US equities got off to a slow start overnight but then the pace accelerated as investors perceived the benefits of the latest fall in the oil price. In early business traders were still consolidating on yesterday's 99 points advance in reaction to the re-election of President George W.
Financial markets breathed a sigh of relief that the election was out of the way.
However, by mid-morning the market was feeling the impact of the oil factor which saw the December crude contract down $2.06 to $48.82 barrel on the New York Mercantile Exchange. In addition the initial state jobless insurance benefits claims fell sharply indicating tonight's jobs creation figures should improve. The non-farm payroll numbers are expected to be more than 150,000 while unemployment will be unchanged. Wall Street's Dow is presently up 148 while the S&P 500 which broke its highs …