Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets closed higher; Dow reclaims 25,000 mark

16-Feb2018

US markets closed higher; Dow reclaims 25,000 mark

The US markets closed higher on Thursday, with Dow closing above the 25,000 mark for the first time in nearly two weeks as US stocks finished higher for a fifth straight session in volatile trade. Wall Street opened solidly higher but subsequently lost ground before recouping losses, supported by the latest data on inflation and the labor market, which pointed to an economy that was growing but in no imminent danger of overheating.

On the economic front, initial US jobless claims increased by 7,000 to 230,000 in the seven days ended February 10. The more stable monthly average of claims rose by 3,500 to 228,500. Last week they touched a 45-year low. The number of people already collecting unemployment benefits climbed by 15,000 to 1.94 million. By comparison, 2.4 million people were receiving benefits in the same week a year earlier. US jobless claims have now been under the key 300,000 threshold that signals a strong labor market for 154 straight weeks. And soon the streak will pass the longest stretch of sub-300,000 readings since the government started monitoring the unemployment rolls in the 1960s. New claims were below 300,000 for 160 weeks from 1967 to 1970. Separately, two gauges of manufacturing sentiment showed continued solid growth in February, as both indicates rising price pressures. The Philadelphia Fed manufacturing index rose to a reading of 25.8 in February from 22.2 in January. The Empire State Index meanwhile slowed to a reading of 13.1 in February from 17.7 in January.

The Dow Jones Industrial Average added 306.88 points or 1.23 percent to 25,200.37, the Nasdaq gained 112.815 points or 1.58 percent to 7,256.43, the S&P 500 edged higher by 32.57 points or 1.21 percent to 2,731.20.


Related News

View all news

US markets end in red on concerns about global economy

The US markets ended sharply lower on Friday, with losses of around two percent, after weaker-than-expected data in China and Europe exacerbated concerns of a global economic slowdown. Besides, retail......

US markets end mostly lower on trade jitters

The US markets ended mostly in red on Thursday as investors continued to worry over the lack of clarity and progress in US-China trade talks. The perception of progress was tempered that China arrested......

US markets end higher on trade optimism

The US markets ended higher on Wednesday as traders keep up hope that the US and China will make progress on resolving their trade dispute. The strength on markets came in after President Donald Trump......

Top News

View all news

Wipro enters into strategic partnership with Saxo Bank

Wipro and Saxo Bank Group, a leading multi asset trading, have entered into strategic partnership. Saxo Bank has chosen Topcoder, a Wipro company and the world's largest talent network and crowdsourcing......

Wipro features as leader in Everest Group's PEAK Matrix Assessment 2019

Wipro has been positioned as a leader in Everest Group's recent report on Application Services in Capital Markets - Services PEAK Matrix Assessment 2019: Data, Cloud and Platform Investments to Fuel Innovation......

Datamatics Global Services gets nod to merge Lumina Datamatics

Datamatics Global Services (DGSL) and Lumina Datamatics (Lumina) have received approval to merge the two companies into DGSL. The merged Company would then be vertically split into two companies, namely,......