US Markets Surge As Jobless Claims Slid To Nearly Four Year Low (17-Feb-2012)
The US markets jumped on Thursday, as the outlook for Greece's bailout improved, American jobless claims slid to a nearly four-year low and manufacturing bolstered optimism in the economy. The number of US applicants filing first-time claims for unemployment benefits last week fell by 13,000 at 348,000, the lowest level since March 2008. The four-week average also declined, down 1,750 at 365,250, to hover near a four-year low. The indexes continued their gains after the Philadelphia Federal Reserve's manufacturing index in February rose to 10.2, the highest level since October and better than expected. Other economic reports had housing starts up 1.5% in January and wholesale prices climbing 0.1% on the month.
Besides, European Central Bank officials indicated that the central bank is willing to participate in a complex scheme to distribute the gains in Greek bonds to member nations. The European Central Bank would swap its Greek bonds for newly issued ones that are likely further out in maturity, to give Greece some breathing room. The swap would also protect the ECB and other central banks that make up the euro from efforts to force the central bank to take losses connected to negotiations between Greece and its private-sector bondholders. ECB officials have refused to take losses on their Greek bonds. In addition, German officials also confirmed that Germany is likely to push for the release of bailout funds for Greece at the next meeting on February 20.
The Dow Jones Industrial Average closed higher by 123.13 points, or 0.96 percent, at 12,904.10. The S&P 500 gained by 14.81 points, or 1.10 percent, at 1,358.04, while the Nasdaq was up by 44.02 points, or 1.51 percent, at 2,959.85.
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