Wednesday, November 25, 2009

FusionIQ Market Wrap for 11/25/09-Stocks end higher on lighter volume

U.S. stocks finished higher on Wednesday, with materials and consumer discretionary shares leading the gains, after a drop in weekly unemployment claims to the lowest level in more than a year.   The Dow Jones Industrial Average rose 30.69 points, or 0.3%, to 10,464.4. The S&P 500 Index climbed 4.98 points, or 0.5%, to 1,110.63. The Nasdaq Composite added 6.87 points, or 0.3%, to 2,176.05.  Trading volume was thin Wednesday ahead of the Thanksgiving holiday.  A new 52-week low for the Dollar Index and a generally pleasing batch of economic data helped stocks make their way higher.  However, buyers lacked the potency to push through resistance near 2009 highs as participation lacked ahead of the Thanksgiving holiday.   Renewed pressure against the U.S. dollar sent the Dollar Index to a 1.1% loss, its worst single-session percentage drop in nearly four months. The drop also put the Dollar Index at a fresh 12-month low.   Initial jobless claims for the week ending November 21 fell more than expected to 466,000, which marks the first time in one year that initial claims fell below 500,000. Meanwhile, continuing claims fell more than expected to 5.42 million, which marks a multi month low. However, the decline in continuing claims still stems mostly from the expiration of unemployment benefits.

No comments:

Post a Comment