Wall Street gains on rosy economic data
Wall Street gains on rosy economic data
08:24, November 26, 2009 
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Wall Street traded modestly higher on Wednesday after a series of data showed rosy economic outlook.
The U.S. Labor Department said the number of people filing first-time claims for jobless benefits fell by 35,000 to 466,000. That was the lowest level for initial claims since the week of September 13, 2008, and was far better than the 500,000 that economists had expected.
Spending by U.S. consumers, which accounts for about 70 percent of the U.S. economy, rebounded in October.
The Commerce Department said that U.S. consumer spending increased 0.7 percent in October, better than expected, and personal income also rose from the previous month.
The consumer spending increase in October was the best showing since a 1.3 percent jump in August when the government's now-defunct Cash for Clunkers program enticed people to buy cars.
Personal incomes increased 0.2 percent last month, reflecting the second consecutive gain.
Meanwhile, the U.S. new home sales increased unexpectedly in October as home buyers acted before a government's incentive to stimulate the housing market expires by the end of this month, official data reported Wednesday.
The Commerce Department said new home sales in October rose 6.2percent to a seasonally adjusted annual rate of 430,000 from a upwardly revised September rate of 405,000.
The October increase, which was the highest of more than a year, was better than the forecasts of economists who expected a pace of410,000 units. Analysts said that the housing market was largely driven by the government's stimulus policy.
However, a decline in orders for big-ticket factory goods, however, limited gains of major indexes.
The U.S. orders for durable goods fell unexpectedly in October, indicating the economy still struggling on the way of recovery, according to government data.
The Commerce Department said new orders for manufactured durable goods, items expected to last at least three years in October dropped 0.6 percent, much worse than economists' expectation of 0.5 percent growth.
In corporate news, Tiffany & Co.'s third-quarter profit topped expectations. The company earned 43.3 million U.S. dollars, or 35 cents per share, for the period ended on October 31. It lifted full-year earnings from continuing operations guidance to a range of 1.88 to 1.98 dollars per share.
Shares of Tiffany rose 2.06 dollars, or 4.92 percent, to 43.89 dollars.
The Dow Jones industrial average rose 30.69, or 0.3 percent, to10,464.40. The S&P 500 index rose 4.98, or 0.5 percent, to 1,110.63, and the Nasdaq composite index rose 6.87, or 0.3 percent, to 2,176.05.
Source: Xinhua
The U.S. Labor Department said the number of people filing first-time claims for jobless benefits fell by 35,000 to 466,000. That was the lowest level for initial claims since the week of September 13, 2008, and was far better than the 500,000 that economists had expected.
Spending by U.S. consumers, which accounts for about 70 percent of the U.S. economy, rebounded in October.
The Commerce Department said that U.S. consumer spending increased 0.7 percent in October, better than expected, and personal income also rose from the previous month.
The consumer spending increase in October was the best showing since a 1.3 percent jump in August when the government's now-defunct Cash for Clunkers program enticed people to buy cars.
Personal incomes increased 0.2 percent last month, reflecting the second consecutive gain.
Meanwhile, the U.S. new home sales increased unexpectedly in October as home buyers acted before a government's incentive to stimulate the housing market expires by the end of this month, official data reported Wednesday.
The Commerce Department said new home sales in October rose 6.2percent to a seasonally adjusted annual rate of 430,000 from a upwardly revised September rate of 405,000.
The October increase, which was the highest of more than a year, was better than the forecasts of economists who expected a pace of410,000 units. Analysts said that the housing market was largely driven by the government's stimulus policy.
However, a decline in orders for big-ticket factory goods, however, limited gains of major indexes.
The U.S. orders for durable goods fell unexpectedly in October, indicating the economy still struggling on the way of recovery, according to government data.
The Commerce Department said new orders for manufactured durable goods, items expected to last at least three years in October dropped 0.6 percent, much worse than economists' expectation of 0.5 percent growth.
In corporate news, Tiffany & Co.'s third-quarter profit topped expectations. The company earned 43.3 million U.S. dollars, or 35 cents per share, for the period ended on October 31. It lifted full-year earnings from continuing operations guidance to a range of 1.88 to 1.98 dollars per share.
Shares of Tiffany rose 2.06 dollars, or 4.92 percent, to 43.89 dollars.
The Dow Jones industrial average rose 30.69, or 0.3 percent, to10,464.40. The S&P 500 index rose 4.98, or 0.5 percent, to 1,110.63, and the Nasdaq composite index rose 6.87, or 0.3 percent, to 2,176.05.
Source: Xinhua
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