US stocks end higher despite weak economic news
The US markets ended higher despite mostly weak economic news and falling oil prices as Linkedin became the first major US social networking company to go public in a soaring debut.
The US markets ended higher despite mostly weak economic news and falling oil prices as Linkedin became the first major US social networking company to go public in a soaring debut.
Dow Jones Industrial Average was up 0.36% or 45.14 points at 12605.32. Nasdaq Composite was up 0.3% or 8.31 points at 2823.31. Standard & Poor's 500 was up 0.22% or 2.92 points at 1343.6.On the data front, several economic reports were released that provided the investors with evidence that the economy remains weak. The Philadelphia Fed's business activity index tumbled to 3.9 in May from 18.5 in April, a surprising drop.Also, existing home sales fell 0.8% in April. However, initial claims for unemployment fell by 29,000 to 409,000 last week helped support a positive tone.The dollar fell versus most major peers after a drop in housing sales and slowing in a regional gauge of manufacturing bolstered speculation that the Fed will maintain stimulus and keep interest rates low. Oil prices fell more than a dollar as weak US economic data stoked worries about demand, and the international energy agency suggested members could release emergency stocks if OPEC failed to act. However, Nymex is currently stable in Asia trade. The Brent is trading around USD 112 dollars.Gold declined on speculation that slowing inflation will curb demand for the metal as a hedge against rising consumer prices. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
