U.S. stock indexes held to narrow gains Thursday on news of increased jobless claims and a jump in oil prices.

Initial unemployment claims grew by 6,000 in the week ending May 10, the government said.

The employment decline was underscored by an inflation-pushing rise in crude oil prices, which reached $124.66 per barrel by midday.

Markets clung to gains, however. The Dow Jones industrial average rose 0.2 percent in early afternoon trading, up 25.81 points to 12,924.19. The Standard and Poor's 500 index rose 0.35 percent -- 4.91 points -- to 1,413.57. The Nasdaq composite index rose 0.69 percent, or 17.18 points, to 2,513.88.

The 10-year U.S. Treasury note gained 12/32 to yield 3.877 percent.

The dollar fell. The euro traded at $1.5482 from Wednesday's $1.5461 and the dollar traded at 104.73 yen from Tuesday's 105.10 yen.

In Tokyo, the Nikkei index rose 0.94 percent or 133.19 points to 14,251.74.

In London, the FTSE 100 index gained 35.80 points to 6,251.80, up 0.58 percent.

Copyright 2008 by United Press International


Publication date: 15 May 2008   

Source: UPI-1-20080515-12310000-bc-us-markets-1stld.xml

Archive