U.S. Stocks Rise Successfully
U.S. stocks rose slightly in a late session rebound on Thursday (17/06/2010), although the data worse than expected on unemployment and manufacturing stoked concerns about the strength of economic recovery.
Dow Jones Industrial Average rose 24.63 points (0.24 percent) to 10434.09 at the close of the market. The Nasdaq technology index increased 1.23 points (0.05 percent) to 2307.16 and the broader market S & P 500 index rose 1.37 points (0.12 percent) to 1115.98 while.
“Fears of economic recovery revived by the Philly Fed manufacturing index is falling far greater than expected, plus an unexpected rise in jobless claims in the way sentiment,” analyst Charles Schwab & Co. said in a note to clients.
New claims for unemployment insurance benefits rose for the second consecutive week, Labor Department reported, missing from their estimates will fall.
The Federal Reserve’s index of manufacturing in Philadelphia in June to Mid-Atlantic region plunged eight points, to 13.4, its lowest level in nearly a year. Manufacturing has been a key driver of the recovery which began about year ago after a year of contraction.
In a separate report, Labor Department said consumer prices fell for the second consecutive in May, amounting to 0.2 percent, due to a decline in energy prices. The average analyst estimate was for 0.1 percent decline.
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