U.S. stocks pare losses in final trading

08:42, June 18, 2010      

Email | Print | Subscribe | Comments | Forum 

The U.S. stocks pared losses and ended slight higher on Thursday despite the fact that weak economic outlook weighed on the market.

A rally in technology and consumer shares helped market rebound from early lows in the final stretch of trading on Thursday. As of market closing, the Dow rose less than 25 points, while both S&P and Nasdaq inched up a bit more than one point.

Major index fluctuated in a tight range in the negative area most of the session as disappointing economic data dampened investors' hope for recovery.

According to a monthly survey released by the Federal Reserve Bank of Philadelphia, its index of manufacturing activity dropped to 8 from 21.4 the month before. Although the reading still signaled an expansion, the pace of the gain was the lowest in 10 months, which made investors worry that the recovery strength was fading in one of the strongest parts of the economy.

Also hitting the market, the Labor Department said earlier in the morning that 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.

The good new on Thursday was from Europe. The Spanish government bond auction was successful, which demonstrated market' s confidence in the country's financial status and ability to deal with debt problems.

The Dow Jones industrial average rose 24.71, or 0.24 percent, to 10,434.17. The Standard & Poor's 500 index edged up 1.43, or 0. 13 percent, to 1,116.04 and the Nasdaq inched up 1.23, or 0.05 percent, to 2,307.16.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Giant red lantern lights up in Tiananmen Square to celebrate the coming National Day on Oct. 1. (Xinhua/Li Xin)
  • A ceremony is held in Taipei, southeast China's Taiwan, on Sept. 28, 2011, to commemorate the 2,562nd birthday of Confucius (551-479 BC), a Chinese thinker, educationist and philosopher. (Xinhua/Wu Ching-teng)
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
Hot Forum Discussion