U.S. stocks higher on Spain's successful bond auction

08:37, June 18, 2010      

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Wall Street opened modestly higher on Thursday as a successful bond auction in Spain offset disappointing jobs data in the United States.

According to the Labor Department, the number of people filing new claims for unemployment benefits increased sharply after three weeks of decline. Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the highest level in a month, as states reported more claims in the construction, manufacturing and educational service sectors.

Meanwhile, a separate report from the Labor Department showed the consumer price index dropped 0.2 percent in May while core CPI, which excludes volatile energy and food items rose 0.1 percent last month.

However, Thursday’s successful bond auction in Spain reassured investors alarmed about the nation's finances, giving stocks a boost. The sale of government debt bonds was seen as critical test for the country as rumors went in the market that the Spain needs huge rescue funds from the European Union.

The Dow Jones industrial average added 13.03, or 0.13 percent, to 10,422.49. The Standard & Poor's 500 index inched up 2.05, or 0.18 percent, to 1,116.66 and the Nasdaq gained 9.48, or 0.41 percent, to 2,315.41.



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