|09-05-2014, 12:31 AM||#1|
Wall Street edges higher after services data, ECB
U.S. stocks edged higher on Thursday, as investors found heart on the European Central Bank’s announcement of new easing measures and strong data from the U.S.
Thursday`s advance in the U.S. followed stock gains in Europe.
The European Central Bank unexpectedly lowered all its interest rates Thursday to all-time lows, pushing the Stoxx Europe 600 index up 0.7% and Germany`s DAX up 0.3%. ECB President Mario Draghi said the central bank would buy asset-backed securities and covered bonds.
Sputtering economic growth in the eurozone has prompted some U.S. investors to reconsider bets on the Continent. Many investors have been focused on the ECB in anticipation of more action to help stimulate the recovery.
The euro fell to a 14-month low against the dollar.
-The Dow Jones Industrial Average gained 0.41% or 69.83 points to 17148.11
-The S&P 500 index gained 0.40% or 8.14 points to 2008.86
-The NASDAQ Composite Index gained 0.65% or 29.72 points to 4602.34 . As of 10:33 a.m. ET
Service activity in the U.S. expanded at the fastest pace in nine years in August, according to a report by the Institute for Supply Management.
ISM said its services index rose to 59.6 last month from 58.7 in July. The August reading was the highest since March 2005, and topped estimates by Bloomberg for a decline to 57.7. A reading above 50 signals expansion in the sector.
U.S. stock futures rose after jobless claims rose by 4,000 to 302,000 in the most recent week, slightly higher than the 300,000 claims expected by economists surveyed by The Wall Street Journal. The level of claims remains near 2014 lows.
Private-sector payrolls in the U.S. rose by 204,000 in August, weaker than the 215,000 private-sector jobs that were expected in August.
The yield on the benchmark 10-year note rose to 2.419%, according to FactSet. Yields move inversely with prices.
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