Wall Street ends higher on economic data

08:49, April 02, 2010      

Email | Print | Subscribe | Comments | Forum 

U.S. stocks surged on Thursday, the final trading day of the holiday-shortened week, buoyed by better-than-expected readings on initial jobless claims and manufacture activity.

Energy, materials and major manufacturers led the Dow's and the S&P 500's gains as Thursday's data suggested improving global demand for commodities.

But the Nasdaq struggled as RIM, the maker of BlackBerry smart phones, slumped 7.4 percent a day after it posted quarterly results that lagged expectations.

The Dow Jones industrial average rallied 70.44, or 0.65 percent, to 10,927.07. The Standard & Poor's 500 index surged 8.67, or 0.74 percent, to 1178.10 and the Nasdaq was up 4.62, or 0.19 percent, to 2,402.58.

Friday's move came after the U.S. Labor Department said initial claims for unemployment benefits slipped 6,000 to a seasonally adjusted 439,000, in line with market expectations.

Meanwhile, the four-week moving average of new claims, which irons out week-to-week volatility, dropped 6,750 to 447,250. The number was better than analysts had expected and also the lowest level since September 2008.

Global markets all moved higher as robust manufacturing data from China and European Union reassured investors that global economic will continue its gradual recovery.

A report from the Institute for Supply Management also showed a rosy picture in the U.S. manufacturing sector. The ISM manufacturing index came in at a six-year high of 59.6, compared with an expected reading of 57, reflecting strong growth from February's level of 56.6.

The U.S. market will be closed on Friday for the Easter holiday. However, investors is still going to pay attention to the monthly non-farm payrolls report from the Labor Department. Economists were expecting to see a real gain in the jobs market, hoping the payrolls number up 19,000 in March and the Unemployment rate stable at 9.7 percent for the third month in a row.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Members of civil organizations who oppose laws that allow voluntary abortion, participate in a protest in front of the Supreme Court in Mexico City, capital of Mexico, on Sept. 26, 2011. The Supreme Court began on Monday a debate on a constitutional reform in the states of Baja California and San Luis Potosi, which establish the beginning of the right to life during conception, contradicting the federal constitution. (Xinhua/Claudio Cruz)
  • Actors perform during the opening ceremony of the China Today Art Week in Malmo, Sweden, Sept. 26, 2011. (Xinhua/Liu Yinan)
  • ATP top 1 and UNICEF National Ambassador for Serbia Novak Djokovic plays with children at kindergarten "Brownie" in Smederevo, central Serbia, on Sept. 26, 2011. The kindergarten is specialized for children with disabilities and refugees. Djokovic was appointed as a UNICEF National Ambassador for Serbia last August. (Xinhua/Vladimir Gogic)
  • Photo taken on Sept. 26, 2011 shows the Shundang Caifeng Bridge in Yunlong County of Dali Bai Autonomous Prefecture, southwest China's Yunnan Province. The Shundang Caifeng bridge, a wooden cantilever bridge of almost 400 years, is still used for transportation and tourism. Across the rivers of Dali Bai Autonomous Prefecture stand many bridges with antique flavour, attracting a lot of tourists. (Xinhua/Chen Haining)
  • Photo taken on Sept. 26, 2011 shows the exterior view of the Mali Hospital in Bamako, Mali. The Mali Hospital, built with Chinese aid, officially opened on Monday. (Xinhua/Wang Zizheng)
  • Participants have a group photo taken at the World Media Summit Presidium Meeting in Beijing, capital of China, Sept. 27, 2011. Leaders or representatives of 11 world mainstream media attended the meeting opening on Tuesday. (Xinhua/Li Tao)
Hot Forum Discussion