New York, NY, United States (AHN) – U.S. markets rose right out of the gate Thursday after several days of heavy losses.
Just after the opening bell on Wall Street, the Dow Jones Industrial Average was up 40 points, the Standard & Poor’s 500 Index gained 8 points and the NASDAQ added 5.
Investors have a slew of economic data to sift through Thursday. Market participants seemed to shrug off reports on the widening U.S. trade deficit and jobless claims data that came in pretty close to expectations.
And then there was the ongoing uncertainty in Europe that has been plaguing markets for months, a weaker-than-expected report from China and a disappointing outlook on business spending from network giant Cisco.
Despite the plethora of U.S. economic reports, the main focus remains on Europe as Greek politicians continue to struggle to form a coalition government and Spanish bond yield continue to rise.
On Thursday, socialist leader Evangelos Venizelos was given the mandate to form a coalition government after meeting with the Greek president. This came after the Greek leftist party failed.
The Bank of Spain, meanwhile, moved to take over Bankia, one of the country’s most troubled and biggest banks on Monday, and worries in the ailing nation have pushed bond yields up
China reported import and export growth that was slower than expected.
In corporate news, Cisco slid after providing a disappointing forecast.
Asian markets ended the day mixed. European stocks gained after early losses and were up in midday trading.
The dollar fell against the euro and the British pound, but gained against the Japanese yen.
Oil for June delivery tacked on 71 cents to $ 97.52 a barrel.
Gold futures for June delivery lost $ 1 to $ 1,593.20 a troy ounce.
Category: Market And Exchange
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