Themajor US equity indices closed higher Thursday despite mixed economic reports and growing unrest in the Middle East. The Conference Board’s index of leading indicators rose 0.1% in January after rising 0.8% in December. The Labor Department reported that first-time applications for jobless benefits increased by 25000 to a total of 410000 last week. Separately, the Labor Department also reported that the consumer-price index rose 0.4% in January.
Themajor US equity indices closed higher Thursday despite disappointing economic news. The Labor Department reported that applications for state unemployment benefits rose by 12000 last week to a seasonally adjusted 472000, pointing to continued weakness in the US labor markets. The Philadelphia Federal Reserve’s index of regional manufacturing fell to 8 in May, down from 21.4. The euro rose to $1.2396 after a bond offering by Spain’s government drew in solid demand. In corporate news, BP (NYSE:BP) shares closed 0.44% lower at $31.71 after CEO Tony Hayward told a House panel that he was “deeply sorry” for the Gulf of Mexico rig explosion and oil spill.
The major US equity indices closed mixed Tuesday as investors grow cautious ahead of Friday’s unemployment report. The S&P/Case-Shiller home-price index in January fell 0.7% from the prior year after prices rose 0.3% from December to January. The Conference Board’s consumer-confidence index climbed 52.5 in March. In corporate news, Home Depot (NYSE:HD) shares rose 0.5% after the S&P/Case-Shiller index of home prices beat expectations.
The major US equity indices closed mixed Friday despite news that the EU agreed to a bailout plan for debt-ridden Greece and a positive GDP reading. Investors have been worrying about mounting debt problems in Greece, Portugal and Spain fearing that it would spread to other countries and further delay the economic recovery. During the fourth quarter GDP rose 5.6%, missing consensus estimates of a rise of 5.9%, but higher than the 2.2% that it rose in quarter three. The Reuters/University of Michigan consumer sentiment index for March was revised to 73.6 from a previous estimate of 72.5. The number was better than the 73 reading that economists had forecast.
Themajor US equity indices closed higher Tuesday after the Federal Reserve said it would keep interest rates at record lows for an “extended period.” The Fed also confirmed that $1.25 trillion in purchases of mortgage-backed securities will end this month. In corporate news, Intel (NASDAQ:INTC) shares rose 3.6% after the company said it has already shipped more than 100000 units of its Xeon 5600, a server chip that officially goes on sale today. General Electric (NYSE:GE) shares gained 4.5% after the company’s CFO said he expects the company’s earnings and dividend to climb next year. The Dow Jones Industrial Average (DJI) closed 0.41% higher at 10685.98, the S&P500 (INX) closed 0.78% higher at 1159.46, and the Nasdaq Composite (IXIC) closed 0.67% higher at 2378.01.
•Merck agrees to acquire Millipore (NYSE:MIL) for $7.2 billion •AIG (NYSE:AIG) sells Asian life insurance unit, AIA, to Prudential •Citigroup (NYSE:C) sells $330 million worth of shares in Primerica insurance unit to PE firm Warburg Pincus ahead of IPO •Nissan (PINK:NSANY) recalls 540000 vehicles •Apple (NASDAQ:AAPL) launches patent suit against HTC over Google’s (NASDAQ:GOOG) Nexus One •CF Industries (NYSE:CF) rekindles takeover battle and makes new offer to buy Terra Industries (NYSE:TRA) at $47.40 per share, trumping Yara’s $41.10 per share bid •Pfizer (NYSE:PFE) reportedly bid as much as $4.08 billion for Ratiopharm, with Teva (NASDAQ:TEVA) and Actavis Group also said to be in the running •Citigroup’s (NYSE:C) Pandit heads back to Capitol Hill to testify before Congress about TARP assistance. Says they have cut back on trading and thanked taxpayers •General Growth Properties wins a five-month extension to present bankruptcy plan •Morgan Stanley (NYSE:MS) finds buyer for 34.4% stake in CICC •Investigators look into complaints about Toyota’s (NYSE:TM) recall fixes •Tivo (NASDAQ:TIVO) wins appeal ruling against Dish Network (NASDAQ:DISH) and echostar (NASDAQ:SATS) •US employers cut smaller than expected 36000 in February, leaving the unemployment rate unchanged at 9.7%
Last updated January 27, 2010: 4:30 PM ET — The major US equity indices closed higher Wednesday after the Federal Reserve issued an upbeat assessment of the economy. The Fed issued a statement that said it believes “economic activity has continued to strengthen” since its last meet in December. However, it did not repeat its assertion that the housing market is improving.