| Profit trump Market Doubts U.S. Stocks Rise So |
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| Friday, 23 April 2010 09:52 | |||||||
Page 1 of 2 New
York - U.S. stock markets recover losses from the beginning to end in
positive territory on Thursday, although there is doubt about the
sentiment of "bullish" recently.
Dow Jones Industrial Average rose 9.37 points (0.08 percent) to 11134.29 points. The Nasdaq composite index rose 14.46 points (0.58 percent) to 2519.07 and the broader market index Standard & Poor's 500 rose 2.74 points (0.23 percent) to 1200.67. Concerns about U.S. jobless claims and the debt crisis of Greece, both hit the market in early trade. "Equity markets managed to push up at the end of the day, after selling the morning due to rising concerns about Greece," analysts at Charles Schwab told clients. Department of Labor, Thursday reported that new claims for unemployment insurance benefits fell last week after two weeks of increases. Initial claims seasonally adjusted unemployment amounted to 456 000, the agency reported. The figure is five percent lower than the previous week, when the insurance benefit claims rose to sudden revision number 480 000, mainly due to factors related to the Easter holidays. "The level of actual claims are still quite high, and although the trend in claims could support the idea that the labor market has stabilized, this does not support the idea that there has been a strong increase in recruitment activity," said Patrick O'Hare at Briefing.com. News from Europe also hit shares. The interest rates demanded by lenders Greece soaring above 8.5 percent after data showed the European Union's state public deficit last year was much worse than expected. EU statistics agency said the Greek public deficit in 2009 stood at 13.6 percent of GDP, not 12.9 percent. But the positive earnings report to help the victory today. The Dow rose led by aerospace giant Boeing. Its shares rose nearly two percent after reporting better earnings than expected on Wednesday. American Express shares rose 1.7 percent on news that the company's first quarter profit more than doubled. McDonald's shares also rose, with just under one percent, after reporting positive sales growth in the first quarter. In mining and chemicals, Alcoa and DuPont shares were up about one percent. Bond prices vary. Results of U.S. Treasury bonds rose to 10-year 3.767 percent from 3.736 percent on Wednesday and the 30-year bond rose to 4.635 percent from 4.616 percent. Bond prices and yield move in opposite directions. | Antaranews.com | tenderoffer.biz |
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