NEW YORK – Wall Street stocks edged higher Wednesday after a better than expected report on manufacturing activity, indicating that a recovery from recession was on track.
The Dow Jones Industrial Average rose 3.10 points (0.03 percent) to 10,548.51, a day after the blue-chip index fell for the first time in seven sessions that saw new 2009 highs.
The technology-rich Nasdaq composite added 2.88 points (0.13 percent) to 2,291.28 and the broad-market Standard & Poor’s 500 index climbed 0.23 points (0.02 percent) to 1,126.42.
The market swung back from negative territory partly due to a report showing manufacturing activity in the Chicago area accelerated for the third straight month in December, analysts said.
The Chicago branch of the Institute for Supply Management (ISM) said its purchasing managers index rose unexpectedly to a seasonally adjusted 60.0 reading, up from 56.1 in November. Most analysts had expected the index to fall to 55.1.
The “stronger-than-expected economic report increased expectations the Federal Reserve will begin to withdraw stimulus measures,” said Wells Fargo Advisors market strategist Scott Marcouiller.
Analysts at Charles Schwab & Co. said profit taking ahead of the New Year holiday Friday continued to dog the market following massive gains this year.
The S&P 500 has rebounded more than 60 percent since March.
Trading volume was thin again Wednesday, typical during the year-end holiday season. US financial markets are closed Friday for the New Year holiday.
Pfizer fell by 0.32 percent to $18.50 after the pharmaceutical giant said it had ended an advanced trial of an experimental lung cancer drug.
Chip maker Broadcom rose 1.76 percent to $31.85 after saying it would pay more than $160 million to settle a class-action lawsuit related to stock option trades.
L-3 Communications, which makes body scanners used in airports, was up 1.51 percent to $88.50 as governments beef up airport security following a failed bid to bomb a US airliner flying from Amsterdam to Detroit last Friday.
The bond market rose. The yield on the 10-year Treasury fell to 3.784 percent from 3.809 percent Tuesday and that on the 30-year bond dropped to 4.602 percent from 4.647 percent. Bond yield and prices move in opposite directions. –Agence France-Presse
Sept 5 – Oct 5
National Teachers Month
“Pay teachers decent wages,
Pay attention to teachers!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September
Monthly Observances:
Health, Safety, and Sanitation Month
Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 5)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: Family Week
Daily Observances:
Third Saturday: International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
