Business News - U.S. markets mixed before holiday

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U.S. markets mixed before holiday

NEW YORK (UPI) -- U.S. stock markets closed with mixed results Thursday after the European Central Bank raised its key lending rate to 4.25 percent.

The dollar gained strength against the euro, in spite of the central bank's interest rate hike, which the bank hopes will slow inflation in the Eurozone.

The Dow Jones industrial average gained modestly before the Fourth of July break, adding 73.03 points or 0.65 percent to 11,288.54. The Standard & Poor's 500 index gained 1.38 or 0.11 percent to 1,262.90. The Nasdaq composite index fell 6.08 or 0.27 percent to 2,245.38.

On the New York Stock Exchange, 1,062 stocks advanced and 2,001 declined on a volume of 931 million shares traded.

The 10-year U.S. Treasury note fell 6/32 to yield 3.985 percent.

The dollar was mixed. The euro traded at $1.5695 from Wednesday's $1.5701, while the dollar traded at 106.71 yen from Wednesday's 106.74 yen.

In Tokyo, the Nikkei index lost 20.97 points to 13,265.40, off 0.16 percent.

In London, the FTSE 100 index gained 51.70 to 5,478, up 0.95 percent.

Copyright 2008 by United Press International

This news arrived on: 07/03/2008

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