Better Job Market News Sends US Stocks Higher - KSWO 7News | Breaking News, Weather and Sports

Better Job Market News Sends US Stocks Higher

By STEVE ROTHWELL
AP Markets Writer

NEW YORK (AP) - Stocks rose on Wall Street Thursday after the number of people applying for U.S. unemployment benefits fell to the lowest since September.

First-time applications for benefits dropped by 21,000 last week, the Labor Department reported, the latest sign that the U.S. job market is recovering. The number of applications, which is a proxy for how many workers are being laid off, is now near where it was before the Great Recession.

General Motors rose after the U.S. government said it expects to sell its remaining stake in the company by the end of the year. The Treasury Department still owns 31.3 million shares of the auto giant after bailing it out five years ago. GM gained $1.07, or 2.8 percent, to $38.76.

The Standard & Poor's 500 index rose 12 points, or 0.7 percent, to 1,793 as of 12:15 p.m. The Dow Jones industrial average rose 87 points, or 0.6 percent, 15,988. The Nasdaq composite rose 32 points, or 0.8 percent, to 3,953.

The stock market has struggled this week as investors grapple with the prospect of the Federal Reserve reducing its stimulus as well as some disappointing corporate earnings. The S&P 500 is trading close to its all-time high and is heading for what could be its biggest annual gain in a decade, making investors wary of pushing stocks higher.

Johnson Controls was among the biggest gainers in early trading after the company, which makes heating and ventilation systems for buildings, said its board approved at $3 billion increase in its share repurchase program. Johnson Controls rose $2.80, or 5.9 percent, to $51.10.

In government bond trading, the yield on the 10-year note edged down to 2.79 percent from 2.80 percent Wednesday. The yield, which is a benchmark used to set interest rates on many kinds of loans, including home mortgages, is the highest it's been since Sept. 17.

In commodities trading, the price of oil rose $1.28, or 1.4 percent, to $95.11 a barrel. Gold dropped $16.40, or 1.3 percent, to $1,241.70 an ounce.

Among other stocks making big moves;

- Dollar Tree, a discount retailer, fell $3.21, or 5.5 percent, to $55.70 after the company reported earnings that fell short of Wall Street's expectations. Other discount retailers also dropped. Dollar General fell 88 cents, or 1.5 percent, to $57.48.

- Target fell $2.83, or 4.3 percent, to $63.59 after the retailer said its third-quarter net income fell 47 percent after it was stung by costs related to its expansion into Canada.

-Williams-Sonoma jumped $3.80, or 7 percent, to $59.31 after the company said its third-quarter net income rose 16 percent as customers spent more at its West Elm and PBteen stores.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • WH insists Trump's no racist as he vilifies another minority

    WH insists Trump's no racist as he vilifies another minority

    Tuesday, August 14 2018 12:26 AM EDT2018-08-14 04:26:12 GMT
    Tuesday, August 14 2018 8:03 PM EDT2018-08-15 00:03:40 GMT
    (AP Photo/Evan Vucci, File). FILE - In this Feb. 1, 2017, file photo, President Donald Trump, center, is flanked by White House staffer Omarosa Manigault Newman, left, and  then-Housing and Urban Development Secretary-designate Ben Carson as he speaks ...(AP Photo/Evan Vucci, File). FILE - In this Feb. 1, 2017, file photo, President Donald Trump, center, is flanked by White House staffer Omarosa Manigault Newman, left, and then-Housing and Urban Development Secretary-designate Ben Carson as he speaks ...

    Beyond their war of words, the row touched on several sensitive issues in Trump's White House, including a lack of racial diversity, security in the executive mansion and a culture that some there feel borders on paranoia.

    Beyond their war of words, the row touched on several sensitive issues in Trump's White House, including a lack of racial diversity, security in the executive mansion and a culture that some there feel borders on paranoia.

  • breaking

    At least 22 dead in bridge collapse in Italy

    At least 22 dead in bridge collapse in Italy

    Tuesday, August 14 2018 7:30 PM EDT2018-08-14 23:30:50 GMT

    Rescuers are using heavy machinery to move chunks of concrete to search for victims. The bridge fell onto structures, a railway and a roadway below.

    Rescuers are using heavy machinery to move chunks of concrete to search for victims. The bridge fell onto structures, a railway and a roadway below.

  • US students turn grief into tech startup after France attack

    US students turn grief into tech startup after France attack

    Saturday, August 11 2018 11:34 AM EDT2018-08-11 15:34:37 GMT
    Tuesday, August 14 2018 7:18 PM EDT2018-08-14 23:18:16 GMT
    (AP Photo/Marcio Jose Sanchez). University of California students, from left, Anjali Banerjee, Alice Ma and Tyler Heintz walk near the university's campus Wednesday, June 6, 2018, in, Berkeley, Calif. The students who were in Nice, France when a terror...(AP Photo/Marcio Jose Sanchez). University of California students, from left, Anjali Banerjee, Alice Ma and Tyler Heintz walk near the university's campus Wednesday, June 6, 2018, in, Berkeley, Calif. The students who were in Nice, France when a terror...

    University of California, Berkeley students who were in the French city of Nice when a man drove a 19-ton truck through the crowd, killing their classmate and 85 other people, have turned their grief into building...

    University of California, Berkeley students who were in the French city of Nice when a man drove a 19-ton truck through the crowd, killing their classmate and 85 other people, have turned their grief into building a tech startup to fight terrorism.

Powered by Frankly