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Wall Street trades higher as crude prices rebound
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08:52, August 28, 2009

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Wall Street traded higher on Thursday as crude prices rebounded.

Dow Jones opened slightly higher, after the U.S. Commerce Department posted gross domestic product shrank at a 1-percent annual rate during the second quarter, the same as estimated last month and better than the 1.5-percent decline economists had predicted.

Meanwhile, the Labor Department's weekly unemployment report showed the number of workers filing for jobless claims for the first time fell to 570,000 and continuing claims fell to 6.1 million, the lowest level since early April.

Toll Brothers Inc. slid after the largest U.S. builder of luxury homes posted a wider quarterly loss.

Boeing Co., the second-biggest maker of commercial aircraft, gained over 8 percent after predicting its 787 Dreamliner will make its first flight by the year's end.

Energy stocks lifted the stock market as crude prices rose above 72 U.S. dollars a barrel after dipping below 70 dollars earlier in the day.

The Dow Jones industrial average was up 37.11 points, or 0.39 percent, to 9,580.63. The Standard & Poor's 500 index added 2.86 points, or 0.28 percent, to 1,030.98. The Nasdaq composite index rose 3.30 points, or 0.16 percent, to 2,027.73.

Source:Xinhua



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