New York: US stocks managed to hold modest
gains after a series of economic reports led by
better-than-expected data on jobless claims kept the mood
positive ahead of the Thanksgiving Day holiday.
The Dow Jones Industrial Average drifted up 30.69 points
(0.29 per cent) yesterday to close at 10,464.40, its best
closing level since October 2, 2008.
The tech-heavy Nasdaq composite rose 6.87 points (0.32
per cent) to 2,176.05 while the Standard & Poor's 500 index
added 4.98 points (0.45 per cent) to 1,110.63.
Market action came after a series of economic reports
that sent mixed signals to traders. Trading was quiet with
many participants absent ahead of today's holiday.
One report showed initial claims for US jobless
insurance benefits plunged to their lowest levels since
September last year.
The adjusted number of new unemployment claims in the
week ending November 21 decreased by 35,000 to 466,000 from
the previous week's revised figure of 501,000.
Other data showed US incomes rose 0.2 per cent and
consumer spending jumped 0.7 per cent in October, helped by a
rebound in auto sales. A third report showed orders for
durable manufactured goods fell 0.6 per cent in October.
PTI
First Published: Thursday, November 26, 2009, 09:20