US Stocks Tread Water Despite Strong Jobs Data

31 Dec

NEW YORK – US stock markets continued this week's trend of listless and holiday-thinned trading Thursday, with the major indexes trading slightly down.

The Dow Jones Industrial Average fell 15.67 points (0.14 percent) to 11,569.71 in closing trades.

The broader S&P 500 index lost 1.90 points (0.15 percent) to 1,257.88.

The NASDAQ fell 3.95 points (0.15 percent) to 2,662.98.

News that new jobless claims in the United States last week fell to the lowest levels since July 2008, did little to boost markets.

Neither did news that pending home sales rose again in November, pointing to “a gradual recovery into 2011,” according to the National Association of
Realtors.

Traders balanced that positive news with signs that Chinese manufacturing had slowed in December.

In the corporate world, the announcement that Lockheed Martin would get a 3.6 billion dollar ship deal with the US Navy was not enough to lift the company's stock, which traded down 0.6 percent.

Intel, Alcoa and Chevron were among the Dow index leaders.

The bond market rose.

The yield on 10-year Treasuries rose to 3.37 percent from 3.34 percent late Wednesday, while that of the 30-year bond was up to 4.43 percent from 4.41 percent. Bond prices and yields move in opposite directions.

– AFP /ls

Channel News Asia

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