The Herald Bulletin

Morning Update

Nation & World

September 26, 2013

Encouraging news on jobs, retailers lifts stocks

NEW YORK — Upbeat news about jobs and retailers helped the Standard & Poor’s 500 index snap its longest losing streak of the year on Thursday.

U.S. unemployment claims fell close to their lowest level in six years, the government reported, and J.C. Penney and Bed Bath & Beyond delivered encouraging news.

The positive trends outweighed worries about a potential government shutdown in Washington next week. Those concerns had led the S&P 500 index to five consecutive days of declines, the index’s worst run in 2013.

That ended Thursday when the S&P 500 index rose six points, or 0.4 percent, to close at 1,698.67.

“There’s a little bit of a bounce here,” said Robert Pavlik, chief market strategist at Banyan Partners. “It may be a little bit of bargain hunting.”

The broad index is less than two percent below its all-time high from Sept. 18.

U.S. economic growth rose to an annual rate of 2.5 percent from April through June, the Commerce Department reported Thursday. That was an increase from the 1.1 percent growth in the previous quarter.

Applications for unemployment benefits fell 5,000 to a seasonally adjusted 305,000 last week, the government said, the fewest since September 2007, three months before the Great Recession began.

While the economic news was encouraging, it wasn’t spectacular. Some analysts said it justified the Federal Reserve’s surprise decision last week to keep up its economic stimulus.

The U.S. central bank has been buying $85 billion of bonds a month to keep long-term interest rates low, which has encouraged borrowing and driven up stock prices.

Wall Street had expected the Fed to start easing back on its stimulus.

“It’s fair to say that the Fed got it right by delaying,” the cuts to stimulus, said Ron Florance, deputy chief investment officer for Wells Fargo Private Bank. “Growth is uninteresting and subdued.”

Text Only
Nation & World
  • FEA - HB0121 - flu - 05 Second wave of milder flu hitting Northeast

    Months ago, the flu season seemed to be winding down. But health officials on Friday reported widespread flu-like illnesses in six states.

    April 18, 2014 1 Photo

  • NWS - HB0525 - marijuana - JM -pic (4).jpg Colorado deaths stoke worries about pot edibles

    A college student eats more than the recommended dose of a marijuana-laced cookie and jumps to his death from a hotel balcony. A husband with no history of violence is accused of shooting his wife in the head, possibly after eating pot-infused candy.

    April 18, 2014 1 Photo

  • news_skoreaferry.jpg Ferry captain arrested in South Korea disaster

    A prosecutor says the captain of the South Korean ferry that sank two days ago has been arrested.

    April 18, 2014 1 Photo

  • Clinton visit.jpg Documents: Clinton sought GOP support for health care

    Thousands of pages of documents from President Bill Clinton's White House affirm a longtime adage: The more things change, the more they stay the same.

    April 18, 2014 1 Photo

  • Student struggles to recount fatal truck-bus crash

    Most of the 911 calls from witnesses to last week's fiery truck-bus collision that killed 10 were matter of fact. Then there was the one from a passenger: With shrieks in the background, the student struggled to recount how a truck came roaring toward them.

    April 18, 2014

  • Magnitude-7.5 earthquake shakes Mexican capital

     A powerful, magnitude-7.5 earthquake shook central and southern Mexico on Friday. The U.S. Geological Survey said it was centered northwest of the Pacific resort of Acapulco, where many Mexicans are vacationing for the Easter holiday.

    April 18, 2014

  • Avalanche sweeps down Everest, killing at least 12

    An avalanche swept down a climbing route on Mount Everest early Friday, killing at least 12 Nepalese guides and leaving three missing in the deadliest disaster on the world's highest peak.

    April 18, 2014

  • news_horselesscarriage.jpg Proposed car to replace NYC horse carriages shown

    An electric car that proponents hope will replace horse-drawn carriages in New York City was presented Thursday at the New York International Auto Show, as critics expressed their distaste for the idea.

    April 18, 2014 1 Photo

  • news_homesickforprison.jpg Man said to be homesick for prison gets 3½ years

    An ex-con who spent most of his adult life behind bars on Thursday got what he said he wanted for robbing a suburban Chicago bank. The 74-year-old gets to go back to the place he called home — prison.

    April 17, 2014 1 Photo

  • Gay Marriage Utah [Duplicate] Judge asks pointed questions in gay marriage case

    A judge in Colorado who will play a pivotal role deciding whether gays should be allowed to wed in the United States asked pointed questions Thursday about whether Oklahoma can legally ban the unions.

    April 17, 2014 1 Photo

More Resources from The Herald Bulletin
AP Video
Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Raw: Church Tries for Record With Chalk Jesus Raw: Faithful Celebrate Good Friday Worldwide Deadly Avalanche Sweeps Slopes of Mount Everest Police Arrest Suspect in Highway Shootings Drought Concerns May Hurt Lake Tourism Vermont Goat Meat Gives Refugees Taste of Home Calif. Investigators Re-construct Fatal Bus Cras Mayor Rob Ford Launches Re-election Campaign Appellate Court Hears Okla. Gay Marriage Case
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium