New Economic Report Sends Stocks Higher
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iStock/Thinkstock(NEW YORK) — The markets rose on some encouraging economic news out Thursday.
Among the positive data, the Conference Board’s index of leading indicators, rose a half a percent last month.
The Dow Jones Industrial Average closed up 109 points at 16,331.05. The Nasdaq Composite rose 12 points to 4,319.29. The S&P 500 added 11 points to finish the day at 1,872.01.
The number of people who filed for unemployment rose last week, but the Labor Department isn’t worried. It says the increase of 5,000 aligns with pre-recession levels and suggests the job market is stable.
S&P has downgraded Russia’s outlook, following the latest round of sanctions the U.S. imposed on Moscow for its involvement in Ukraine. Russia’s rating with S&P did not change.
The Federal Reserve gave 30 of the nation’s banks a routine “stress test” to see if they have sufficient capital. It turns out 29 of them do. Zions Bank didn’t pass the test, which is supposed to help prevent another collapse of the financial system. Bank of America and Citi are two banks that have failed the stress test in the past, and Citi CEO Vikram Pandit even lost his job soon after missing the Fed requirements.
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