Sat, 27 Apr 2019

Stocks gain in U.S. markets on positive jobless data

By Jay Jackson, Australian News
18 Jan 2019, 07:44 GMT+10

NEW YORK, New York - U.S. stocks rose on Thursday on the back of good employment figures and anticipation of a resolution on U.S.-China trade negotiations.

Applications for unemployment benefits last week declined, the Labor Department reported on Thursday. The fact there was a fall in applications was a surprise to the market, as a rise was anticipated.

At the close of trading Thursday, the Dow Jones industrials were ahead 162.94 points or 0.67% at 24,370.10.

The Standard and Poor's 500 rose 19.86 points or 0.76% to 2,635.96.

The tech-laden Nasdaq Composite was up 49.77 points or 0.71% at 7,094.46.

The U.S. dollar was little changed Thursday. The euro continued to hover around recent lows at 1.1392.

The British pound continued to exhibit its recent strength, in fact adding a touch to 1.2992, around the New York close Thursday.

The weaker euro and the stronger pound is likely more as a result of unwinding of euro-pound positions rather than anything to do with the dollar. The unwinding is more due to the 'buy on the news, sell on the fact' outcome of the shock Brexit vote earlier this week.

Overseas markets were quiet on Thursday with the major indices in Europe and Asia recording notional losses, although the Australian All Ordinaries finished slightly ahead.

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