B**W 发帖数: 2273 | 1 NEW YORK — Stronger reports on the job market and manufacturing sent stock
indexes higher in afternoon trading Thursday. FedEx jumped 8 percent after
reporting a surge in earnings.
The Dow Jones industrial average rose 72 points, or 0.6 percent, to 11,896
at 3:15 p.m. Eastern. The Dow lost 360 points over the past three days on
worries that Europe’s latest plan to keep its currency union intact would
fail.
( Richard Drew / Associated Press ) - Traders work on the floor of the
New York Stock Exchange Thursday, Dec. 15, 2011. Strong earnings from FedEx
and a sharp drop in claims for unemployment benefits sent stocks higher in
early trading Thursday.
( Richard Drew / Associated Press ) - Trader Gregory Rowe works on the
floor of the New York Stock Exchange Thursday, Dec. 15, 2011. Strong
earnings from FedEx and a sharp drop in claims for unemployment benefits
sent stocks higher in early trading Thursday.
( Richard Drew / Associated Press ) - Trader Michael Zicchinolfi, right,
works on the floor of the New York Stock Exchange Thursday, Dec. 15, 2011.
Strong earnings from FedEx and a sharp drop in claims for unemployment
benefits sent stocks higher in early trading Thursday.
( Richard Drew / Associated Press ) - Traders work on the floor of the New
York Stock Exchange Thursday, Dec. 15, 2011. Strong earnings from FedEx and
a sharp drop in claims for unemployment benefits sent stocks higher in early
trading Thursday.
Jack Ablin, chief investment officer at Harris Bank, said the upturn
reflects a shift in investors’ attention back to recent signs of strength
in the U.S. economy.
“We’re not completely insulated (from Europe), but trouble there doesn’t
necessary spell problems for us,” Ablin said.
The number of people applying for unemployment benefits dropped last week to
366,000, the lowest level since May 2008. That’s a sign that layoffs are
easing, a first step toward bringing down the unemployment rate, which
currently stands at 8.6 percent.
A widely watched index measuring regional manufacturing from the New York
branch of the Fed jumped to the highest level since May, far more than
economists were expecting. A similar report from the Philadelphia branch
also increased faster than analysts anticipated.
“The base of the economy is getting stronger,” said Steven Malin, an
associate at money manager Aronson Johnson Ortiz.
FedEx Corp. reported that its quarterly income nearly doubled on strong
growth in online shopping during the holiday season. FedEx is seen as a
bellwether for the economy.
The gains in stocks were broad. All but two of the 10 industry groups in the
S&P 500 rose, led by utilities and health care. S&P’s indexes measuring
technology and energy stocks edged down less than 0.2 percent each.
The Standard & Poor’s 500 rose 7 points, or 0.6 percent, to 1,219. The
Nasdaq rose 8 points, or 0.3 percent, to 2,548.
In corporate news, Michael Kors Holdings Ltd. jumped 20 percent to $23.95 on
its first day of trading. The initial public offering valued the fashion
design company at $3.8 billion.
Novellus Systems Inc. jumped 16 percent. The semiconductor equipment maker
said late Wednesday that it was being acquired by rival Lam Research Corp.
Lam fell 8 percent.
Rite Aid Corp. rose 3.5 percent. The drugstore chain announced that losses
had narrowed in its third quarter.
European markets rose slightly, a day after big declines, as an auction of
Spanish government bonds drew strong demand from investors. Germany’s DAX
rose 1 percent; France’s main stock index rose 0.6 percent.
The euro rose against the dollar, moving back above $1.30, a day after
hitting an 11-month low. The yields on Spanish and Italian government fell,
a sign that investors were less worried about the ability of those countries
to pay back their debts.
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