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Overnight Markets: Wall Street gains on jobless claims reports
by Himanshu Singh on Aug 09, 2013 at 04:43
Wall Street gained on Thursday snapping a three-day drop as Chinese trade data exceeded estimates and jobless claims declined to the lowest monthly rate since before the recession.
The Dow Jones industrial average rose 28 points or 0.18%, to end at 15,498. The S&P 500 gained seven points or 0.39%, to 1,697. The Nasdaq Composite Index added 15 points or 0.41%, to 3,669.
In the US, data showed weekly jobless claims rose less than expected to 333,000 in the latest week, while the four-week average fell to 335,500, its lowest level since before the recession in 2007 through 2009. A separate report, the Bloomberg Consumer Comfort Index, showed consumers last week were the most upbeat in more than five years.
In Asia, data indicated China’s exports and imports exceeded economists’ forecasts, adding to signs that the world’s second-largest economy is stabilising following a two-quarter slowdown.
Microsoft (MSFT.O) shares climbed 2.6% in heavy volume. Tesla Motors Inc (TSLA.O) jumped 14.3% a day after the electric car maker posted an unexpected quarterly profit.
Groupon Inc (GRPN.O) soared 21.6%. Late Wednesday, the online coupon company reported revenue that exceeded expectations and named its co-founder as chief executive.
Orbitz Worldwide Inc (OWW.N), an online travel agency, surged 36.7% after reporting higher-than-expected quarterly earnings as it sold more hotel and vacation packages, and forecast full-year revenue above analysts' estimates.
Priceline.com (PCLN.O) shares rose 5.1% after the closing bell after the online travel agency said quarterly profit rose on improved hotel and car-rental reservations.
AT&T Inc. slid 0.8% as phone stocks fell the most in the benchmark index.
Materials stocks rallied with Cliffs Natural Resources, a diversified miner, jumping 8.9%. Newmont Mining rallied 8.7% as copper rose to an eight-week high and gold added the most in two weeks.
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