Business News - U.S. markets head back up Thursday

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U.S. markets head back up Thursday

NEW YORK (UPI) -- A drop in first time jobless claims helped push U.S. stocks up higher Thursday morning.

The Labor Department said initial claims for unemployment benefits fell by 20,000 to 512,000 in the week ending Oct. 31.

Wednesday's Federal Reserve announcement that it would keep bank-to-bank lending rates unchanged sent stocks tumbling but confidence returned Thursday.

In late morning trading, the Dow Jones industrial average rose 1.79 percent, adding 175.40points to 9,977.54. The Standard & Poor's 500 gained 1.54 percent, 16.07 points, to 1,062.57. The Nasdaq composite index added 43.67 points, 2.12 percent, to 2,099.19.

The benchmark 10-year Treasury fell 5/32 to yield 3.539 percent.

The euro rose to $1.4874 from Wednesday's $1.4867. Against the yen, the dollar fell to 90.55 yen from Wednesday's 80.59 yen.

In Japan, the Nikkei 225 index lost 1.29 percent, 126.87, to 9,717.44.

Copyright 2009 by United Press International

This news arrived on: 11/05/2009

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