Wall Street moved higher after jobless claims fell more than expected last week and Wal-Mart raised its earnings guidance for the current quarter.
The U.S. Labor Department reports that new applications filed for unemployment benefits fell by 58,000 to 346,000 last week. Wall Street had expected that claims would fall to 399,000.
Wal-Mart, the world's biggest retailer, reported stronger-than-expected sales for June due to the government's stimulus package, and it raised its outlook for the current quarter.
Meanwhile, Dow Chemical said it will acquire Rohm & Haas for 78 U.S. dollars per share, a 74 percent premium to the stock's close of 44.83 dollars a share Thursday. Stocks got a boost from the acquisition, as buyout activity is often regarded as a sign of confidence in the economy.
The Dow Jones rose 4.97 to 11,152.41. Broader indexes also moved higher. The Standard & Poor's 500 index advanced 0.26 to 1,244.95; and the Nasdaq climbed 5.00 to 2,239.89.
Source:Xinhua
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