Stocks extend winning trend after jobs report
Stocks extended their September rally Thursday following more encouraging news on the job market.
The Dow Jones industrial average rose 28 points after the Labor Department said first-time claims for unemployment benefits fell last week to the lowest level in two months. In another hopeful sign on the economy, the trade deficit narrowed in July.
Stocks pared their gains in the afternoon after a report came out saying Deutsche Bank is considering raising new money through a stock sale in what could be another troubling sign for European banks. Trading volume was very light.
Traders concerned about the economy sliding back into recession drove stocks lower through most of August.
"All we need is slightly good news . . . relative to expectations, and at this point expectations are relatively poor," said Tyler Vernon of Biltmore Capital Advisors.
Stocks have rallied since the beginning of September on the improving outlook for the economy, and have risen in six out of the past seven days.
Treasury prices and gold fell as investors found themselves with more appetite for risk.
The Dow rose 28.23, or 0.3 percent, to close at 10,415.24. The Standard & Poor's 500 index rose 5.31, or 0.5 percent, to 1,104.18, while the Nasdaq composite index rose 7.33, or 0.3 percent, to 2,236.20.
- AP
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
