Stocks Rise After Some Encouraging Economic News
The stock market is rising in midday trading after some encouraging news about the U.S. economy.
The Dow Jones industrial average rose 27 points, or 0.2 percent, to 16,100, midday Wednesday. The Standard & Poor’s 500 index rose four points, also 0.2 percent, to 1,806. The Nasdaq composite gained the most — rising 19 points, or 0.5 percent, to 4,037.
In a sign that workers are in less danger of being laid off, the number of Americans seeking unemployment benefits dropped 10,000 last week to a seasonally adjusted 316,000, the Labor Department said. Also, a private survey showed that consumer confidence rose in November.
Hewlett-Packard surged $1.76, or 7 percent, to $26.85. The world’s second-largest maker of PCs forecast a strong profit for the current quarter late Tuesday.
(Copyright 2013 by The Associated Press. All Rights Reserved.)