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Wall Street ends higher despite disappointing trade data from China


10:53, August 12, 2012

Wall Street turned positive in the final minutes of trading and ended higher on Friday, despite the influence of disappointing trade data from China.

In most of the trading time on Friday, the US stocks were declining on China's weaker-than-expected trade data.

According to the General Administration of Customs, China's exports in July rose only 1 percent, plummeting from the 11.3- percent growth recorded in June and also well below market expectations.

China's exports to the EU, its largest trade partner, slumped 16.2 percent year on year, underlining the lack of demand in the debt-ridden region.

Meanwhile, Chinese imports also lost steam, increasing only 4.7 percent year on year to $151.8 billion, as against a growth of 6.3 percent in June.

The weak data added to the concerns about a major slowdown in the world's second largest economy, but at the same time fueled expectations for more government action to support the economy.

In the United States, the Labor Department said that import prices fell for the fourth straight month in July, down 0.6 percent. The unexpected drop also raised investors' hopes for further monetary stimulus from the Federal Reserve.

On the earnings front, retailer store JCPenney reported a larger-than-expected second-quarter loss, and warned that the company had difficulties in meeting its pervious earnings estimate for this year.

The Dow Jones industrial average gained 42.76 points, or 0.32 percent, to 13,207.95. The Standard & Poor's 500 added 3.07 points, or 0.22 percent, to 1,405.87. The Nasdaq Composite Index rose 2.22 points, or 0.07 percent, to 3,020.86.


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