By msnbc.com staff and news services
Stocks rebounded from earlier losses Thursday to close slightly higher. The markets swooned after a report showed unemployment claims rose following the holiday season.
According to preliminary calculations, the Dow Jones industrial average rose 21.57, or 0.17 percent, to 12,471.02. The S&P 500 was 3.02 higher, or 0.23 percent, to 1,295.50. The Nasdaq was up 13.94 points, or 0.51 percent, to 2,724.70.
Chevron fell the most in the Dow, after the world's second-largest publicly traded oil company said its income will be "significantly" below its fourth-quarter results in the prior quarter because of narrower margins on refining and selling fuels.
Weekly unemployment benefits spiked last week to the highest level in six weeks, mostly because companies let go of thousands of holiday hires, the government reported. Retail sales barely rose in December and were lower than analysts were expecting.
U.S. retail sales rose at the weakest pace in seven months in December and first-time claims for jobless benefits increased, signs an economic recovery remained shaky.
The data disappointed investors, who had become optimistic about a recovery. After a recent batch of strong reports, some traders anticipated that equities would decouple from Europe's financial woes.
"It confirms the trend of positive data in the context of an overall weak economic landscape," said Quincy Krosby, market strategist for Prudential Securities.
"The question that has been haunting the market for some time is the underlying strength of the U.S. economy. Although we have had some strong numbers recently, today's numbers were less than expected, disappointing the market."
The Associated Press and Reuters contributed to this report.
?
?
marine corps veterans day 2011 veterans day 2011 cnbc debate family circus spanier walmart black friday ad
No comments:
Post a Comment