Stocks gained Thursday, building on the previous session’s advance, as investors looked past some weaker-than-expected economic news and focused on recovery hopes.
The Dow Jones industrial average (INDU) gained 46 points, or 0.4%. The S&P 500 index (SPX) rose 5 points, or 0.5% and the Nasdaq composite (COMP) gained 13 points or 0.6%.
On Wednesday, stocks bounced back from the previous day’s sell-off as energy issues rallied. The Dow Jones industrial average gained 225 points, while the S&P 500 and Nasdaq composite each rose more than 2.5%.
Economy: Two labor market reports came out before the market opened, ahead of Friday’s big payroll report from the federal government.
The number of first-time filers for unemployment insurance fell to 453,000 last week, down 10,000 from an upwardly revised 463,000 the previous week, according to the weekly jobless claims tally from the Department of Labor.
A separate report from payroll services firm ADP reported private-sector employers added 55,000 jobs in May after an upwardly revised 65,000 increase in April. The figure was short of estimates.
Government readings released Thursday showed worker productivity rose at a 2.8% annual pace, slower than the previously reported 3.6% rate. Meanwhile, businesses’ unit labor costs fell 1.3% in the first quarter.
Also due Thursday was the Institute for Supply Management’s services sector index for May.
On Friday, the government is expected to report that employers added 500,000 jobs in May after expanding payrolls by 290,000 jobs the month before, according to a consensus of economists surveyed by Briefing.com. A large portion of that number is likely to be attributed to census hires, economists say. The unemployment rate is forecast to ease slightly to 9.8% from 9.9%.
In other economic news, a number of retailers reported tepid May sales.
Euro: The European currency inched lower versus the dollar after touching a four-year low of $1.2111 on Tuesday.
The dollar rose 0.4% against the yen.
World markets: Markets in Europe rallied. Britain’s FTSE 100 gained 1.9%, Germany’s DAX gained 1.7% and France’s CAC 40 gained 2%.
Asian markets ended higher. Japan’s Nikkei rallied 3.2% and Hong Kong’s Hang Seng added 1.6%.
Commodities: U.S. light crude oil for July delivery rose 43 cents to $73.29 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery fell $1.90 to $1,219.60 an ounce.
Bonds: Treasury prices fell, pushing the yield on the 10-year note to 3.39% from 3.34% late Wednesday. Treasury prices and yields move in opposite directions.
By CNNMoney
Tags: businesses, Dow Jones Industrial, economic, economists, european economy, financial markets, Global Economy, Nasdaq composite, stock bounce, stock market, unemployment
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