Stocks on Wall Street posted slim gains as investor concerns about a slowdown in the economic recovery were tempered by upbeat readings on employment and the US trade deficit.Initial unemployment claims fell more than expected, declining 27,000 to 451,000
Stocks on Wall Street posted slim gains as investor concerns about a slowdown in the economic recovery were tempered by upbeat readings on employment and the US trade deficit.
Initial unemployment claims fell more than expected, declining 27,000 to 451,000 in the week ended September 4. A separate report showed the trade deficit contracted sharply in July, posting its biggest drop in 17 months.
The Dow Jones Industrial Average closed 28.23 points, or 0.3%, up at 10,415.24. The S&P 500 Index rose 0.5% to 1104.18 and the Nasdaq Composite gained 0.3% to 2236.20. Trading volumes were low.
Goldman Sachs Group rose 1.1% after the UK.s Financial Services Authority said that the firm agreed to pay a fine of £17.5 million for failing to make disclosures about trader Fabrice Tourre.
Software company Adobe Systems jumped 12% after Apple said it has relaxed restrictions on applications developers for its iPhones and iPads. Apple had effectively banned Adobe's Flash products from its mobile devices. Apple shares rose 1%.
Other markets: Europe, Asia up
European markets gained with the Stoxx Europe 600 index up 1.1% to 262.33 after Ireland's bond auction saw relatively strong international demand.
Most European stock markets ended with strong gains, buoyed by relief over a successful Portuguese debt auction, although many financial stocks remained weak.
The Stoxx Europe 600 index rose 1% to finish at 262.33 points.
The German DAX 30 index ended up 0.8% at 6164.44, the UK FTSE 100 index gained 0.4% to 5429.74 and the French CAC 40 index advanced 0.9% to 3677.21.
Shares of BP rose 1.3% after the oil giant's credit rating was upgraded by Fitch Ratings.
Asian stock indexes ended mostly higher. Exporter shares and financial companies led a strong finish in Tokyo, but Chinese banks and property developers fell on worries Beijing would renew tightening measures in the real-estate market.
Japanese exporters gained, with shares of Mazda and Canon both advancing 1.1%. The Nikkei Stock Average rose 0.8% to 9098.39.
Hong Kong's Hang Seng Index gained 0.4% to 21,167.27 while China's Shanghai Composite Index bucked the trend, falling 1.4% to 2656.35. The Australian S&P/ASX 200 shed 0.8% to 4537.16. and Korea’s Kospi lost 0.5% to 1779.22,
Commodities: Oil, gold down
Crude futures reversed gains, falling into the red as traders balked at pushing crude higher amid continued worries of a supply glut.
Light, sweet crude for October delivery recently traded 55USc, or 0.5%, lower at $US74.12 a barrel in New York. Brent crude on the ICE futures exchange traded 90USc lower at $US77.27 a barrel.
Gold futures edged farther from record highs as investors were calmer about the state of the economic recovery and felt less of a need for the metal as a safe haven.
The most actively traded gold contract for December delivery fell $US6.60, or 0.5%, to settle at $US1250.90 an ounce in New York.
Currencies: Euro down, yen up
The euro weakened modestly on the dollar’s rise, which in turn weakened slightly against the yen as Japan's finance minister kept the threat of yen-selling intervention alive.
Yoshihiko Noda said authorities were “conducting various simulations" to curb the currency's strength. He also repeated his pledge to take "decisive steps" in the currency market should it become necessary.
The UK pound weakened after the release of data showing the UK trade deficit rose to the widest point on record. The Bank of England also left key interest rates unchanged.
The euro was at $US1.2697 from $US1.2715 late on Wednesday. The dollar was at ¥83.80 from ¥83.92. The euro weakened to ¥106.37 from ¥106.72.
The UK pound moved to $US1.5444 from $US1.5464.
