Dow Up on Retail Sales and Jobless Claims
Stocks rose in cautious trading Thursday following warnings of lackluster retail sales and a greater-than-expected increase in weekly jobless claims.
Retailers' reports on sales at stores open at least a year, an important measure known as same-stores sales, concerned some investors because of scattered warnings that sales would be light during April.
The number of Americans filing new claims for unemployment benefits rose last week to the highest level in two months. The Labor Department's weekly report, which Wall Street often regards as a volatile number, showed applications for jobless benefits totaled 342,000 last week.
After falling earlier, the Dow Jones industrial average rose 5.85, or 0.05 percent, in morning trading to 12,490.47.
Broader stock indicators also gained after being down in the first 90 minutes of trading. The Standard & Poor's 500 index rose 2.12, or 0.15 percent, to 1,440.99, and the Nasdaq composite index rose 7.27, or 0.30 percent, to 2,466.58.
Bonds advanced amid concerns of weaker corporate profits. The yield on the benchmark 10-year Treasury note fell to 4.72 percent from 4.74 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.
The small moves Thursday follow a pullback Wednesday prompted by minutes from the Federal Reserve's last meeting that showed the central bank remains concerned enough about inflation that it won't rule out an increase in interest rates.
Higher oil prices weighed on stocks. On Wednesday, weekly government figures showed a larger-than-expected decline in gasoline stockpiles. Light, sweet crude rose 92 cents to $62.91 on the New York Mercantile Exchange.
Retailers' reports on sales at stores open at least a year, an important measure known as same-stores sales, concerned some investors because of scattered warnings that sales would be light during April.
The number of Americans filing new claims for unemployment benefits rose last week to the highest level in two months. The Labor Department's weekly report, which Wall Street often regards as a volatile number, showed applications for jobless benefits totaled 342,000 last week.
After falling earlier, the Dow Jones industrial average rose 5.85, or 0.05 percent, in morning trading to 12,490.47.
Broader stock indicators also gained after being down in the first 90 minutes of trading. The Standard & Poor's 500 index rose 2.12, or 0.15 percent, to 1,440.99, and the Nasdaq composite index rose 7.27, or 0.30 percent, to 2,466.58.
Bonds advanced amid concerns of weaker corporate profits. The yield on the benchmark 10-year Treasury note fell to 4.72 percent from 4.74 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.
The small moves Thursday follow a pullback Wednesday prompted by minutes from the Federal Reserve's last meeting that showed the central bank remains concerned enough about inflation that it won't rule out an increase in interest rates.
Higher oil prices weighed on stocks. On Wednesday, weekly government figures showed a larger-than-expected decline in gasoline stockpiles. Light, sweet crude rose 92 cents to $62.91 on the New York Mercantile Exchange.
Labels: Dow Jones, Jobless Claims, Nasdaq, Oil Prices, Wall Street
posted by Stock Administrator @ 11:01 AM
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