Wall Street rebounded strongly on June 25, as gains in energy and retailer shares overshadowed an unexpected jump in jobless claims.
Bed Bath & Beyond surged 9.5 percent after the largest home-furnishings retailer said its fiscal first-quarter profit climbed 14 percent as sales rose. J.C. Penney Co., the third-biggest U.S. department-store chain, rose as JPMorgan Chase upgraded the shares.
Cameron International Corp., the second-largest maker of oilfield equipment, climbed after Goldman Sachs advised buying the shares. Exxon Mobil led energy stocks higher as crude rose over 70U.S. dollars per barrel.
Moreover, investors' confidence was boosted after the Federal Reserve took the first step toward removing the numerous emergency lending programs it launched last fall at the height of the financial crisis.
Major indexes, therefore, reversed early losses caused by an unexpected increase of jobless claims. The U.S. Labor Department said new jobless claims rose by 15,000 to a seasonally adjusted 627,000 last week. Economists had expected a drop to 600,000 claims.
The Dow Jones added 172.54, or 2.08 percent, to 8,472.40. Broader indexes also moved higher. The Standard & Poor's 500 index rose 19.32, or 2.14 percent, to 920.26, and the Nasdaq increased 37.20, or 2.08 percent, to 1,829.54.
Source:Xinhua
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