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US stocks rise on jobs, manufacturing data
by hlk Fri 16 Mar 2012, 10:00
US stocks posted modest gains today as investors digested a batch of economic data that suggested the recovery is picking up steam.
At the closing bell, the Dow Jones Industrial Average was up 58.66 points (0.44 percent) to 13,252.76. The broad-market SandP 500 added 8.32 (0.60 percent) to 1,402.60, while the tech-heavy Nasdaq Composite gained 15.64 points (0.51 percent) to 3,056.37.
Some positive data buoyed confidence in the economy.
Weekly jobless claims held onto their downward trajectory, while surveys of manufacturing in New York and the mid-Atlantic region showed activity continuing to rise.
Meanwhile the producer price index for February jumped as expected, to an 0.4 percent rise on the month, driven by higher fuel prices.
The year-on-year rise of 3.3 percent was lower than the previous two months and more encouraging. Analysts said they were now less worried about inflation and more about the impact of rising oil prices on the economy.
"Although higher oil prices push up the headline (inflation data), they also squeeze real spending power. Their threat to growth is more troubling than their threat to inflation," said economist Nigel Gault of IHS Global Insight.
Bank of America shares led the Dow blue chips higher, adding 4.5 percent to $9.24, after a three-day gain of 15.6 percent upon passing the US Federal Reserve's tough stress test.
JPMorgan Chase, which also cleared the stress test, added 2.6 percent for a 10.3 percent rise overall since the results began coming out on Tuesday.
Railroad operator Union Pacific shares surged 5.0 percent as the company made promotions to key management positions to fill the vacuum left when its chief executive Jim Young took medical leave for cancer treatment.
Apple's price momentarily surged above the US$600 line by a bare one cent, one day ahead of its release of the newest iPad model and a day after two key analysts pushed their price targets for the tech giant to over $700.
At the close, though Apple shares were down 0.7 percent at US$585.56.
Bond prices were generally flat. The yield on the 10-year Treasury edged up to 2.28 percent from 2.27 percent Wednesday, while the 30-year held steady at 3.41 percent.
Bond prices and yields move in opposite directions. -- AFP
At the closing bell, the Dow Jones Industrial Average was up 58.66 points (0.44 percent) to 13,252.76. The broad-market SandP 500 added 8.32 (0.60 percent) to 1,402.60, while the tech-heavy Nasdaq Composite gained 15.64 points (0.51 percent) to 3,056.37.
Some positive data buoyed confidence in the economy.
Weekly jobless claims held onto their downward trajectory, while surveys of manufacturing in New York and the mid-Atlantic region showed activity continuing to rise.
Meanwhile the producer price index for February jumped as expected, to an 0.4 percent rise on the month, driven by higher fuel prices.
The year-on-year rise of 3.3 percent was lower than the previous two months and more encouraging. Analysts said they were now less worried about inflation and more about the impact of rising oil prices on the economy.
"Although higher oil prices push up the headline (inflation data), they also squeeze real spending power. Their threat to growth is more troubling than their threat to inflation," said economist Nigel Gault of IHS Global Insight.
Bank of America shares led the Dow blue chips higher, adding 4.5 percent to $9.24, after a three-day gain of 15.6 percent upon passing the US Federal Reserve's tough stress test.
JPMorgan Chase, which also cleared the stress test, added 2.6 percent for a 10.3 percent rise overall since the results began coming out on Tuesday.
Railroad operator Union Pacific shares surged 5.0 percent as the company made promotions to key management positions to fill the vacuum left when its chief executive Jim Young took medical leave for cancer treatment.
Apple's price momentarily surged above the US$600 line by a bare one cent, one day ahead of its release of the newest iPad model and a day after two key analysts pushed their price targets for the tech giant to over $700.
At the close, though Apple shares were down 0.7 percent at US$585.56.
Bond prices were generally flat. The yield on the 10-year Treasury edged up to 2.28 percent from 2.27 percent Wednesday, while the 30-year held steady at 3.41 percent.
Bond prices and yields move in opposite directions. -- AFP
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Re: US stocks rise on jobs, manufacturing data
by sun Fri 16 Mar 2012, 14:10
your flowers hor liang, as liang as HLK 
sun- Consulting Member
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