Published on Fri, Mar 02, 2012 at 07:51 | Source : Moneycontrol.com
Updated at Fri, Mar 02, 2012 at 08:27
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US markets end with moderate gains
The US markets logged in gains, but still finished off their best levels following some unconfirmed reports, later denied, of a Saudi pipeline explosion.
The US markets logged in gains, but still finished off their best levels following some unconfirmed reports, later denied, of a Saudi pipeline explosion.
Dow Jones Industrial Average added 0.22% or 28.23 points at 12980.3. Nasdaq Composite rose 0.74% or 22.08 points at 2988.97. Standard & Poor's 500 was up 0.62% or 8.41 points at 1374.09.
On economic data front, weekly claims unemployment benefit declined by 2,000 to a seasonally adjusted 351,000 in the previous week to hold near a four-year low. Personal income gained 0.3% in January, while consumer spending remains unchanged for the third straight month. However, the pace of growth in the manufacturing sector unexpectedly slowed down to 52.4 in February.
In the currency space, the euro flat at 1.33 to the dollar.
In commodities, crude prices surged nearly 5% overnight with Brent reaching 128 levels, to its highest level since crude's record run in 2008 after a late report out of Iran of a pipeline fire in top exporter Saudi Arabia. However, it was reported false by the Saudi officials later. Brent is currently trading around USD 125 levels.
