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U.S. stocks end higher after early struggle
Baltimore News.Net
Thursday 11th March, 2010
A late rally in bank shares pushed the major indices in the black Thursday.
Shares initially fell after data was released showing jobless claims fell only marginally last week. The claims for state unemployment benefits fell 6,000 to 462,000, the Labor Department said.
The U.S. trade deficit sank by 6.6% on higher imports of oil.
"The data is consistent with our expectations of 'half-speed' economic recovery," Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh told Reuters Thomson.
Talks in the U.S. Senate on bank reforms broke down paving the way for Senate Banking Committee Chairman Chris Dodd to proclaim the prospects for legislation this year were dim. Dodd plans to propose a bill himself on Monday after the bipartisan talks faltered. He said the bill would recah the senate floor before Easter. Bank shares rallied on the news.
At the close of trading Thursday the Dow Jones Industrials were up 44.51 points or 0.42% at 10,611.84.
The Nasdaq Composite was ahead 9.51 points or 0.40% at 2,368.46.
The Standard and Poor's 500 was up 4.63 points or 0.40% at 1,150.24.
The U.S. dollar drifted downwards. Around the New York close Thursday the euro had strengthend to 1.3679.
The Japanese yen traded at 90.59, while the Swiss franc rose to 1.0684. The British pound inched up to 1.5064.
The Australian and Canadian dollars were a touch stronger at .9149 and 1.0239 respectively.  Email this story to a friend
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