Thursday, the US stock markets ended with gains on strong performance by Wal-Mart. In addition, investors applauded an encouraging business-inventories report, which indicated that the recession might be winding down. Wal-Mart beats Street expectations and reported better-than-expected earnings along with solid outlook. Financials were main contributor in the market''s strong close. Upward movement was also contributed by the news that the German and French economies both exceeded expectations by posting second quarter growth of 0.3%. However, July advance retail sales posted unexpected 0.1% decline. Further, increase in jobless claims dampened sentiment a bit.
The Dow Jones Industrial Average (DJIA) ended up by 36.58 points at 9,398.19, NASDAQ index inclined by 10.63 points to 2009.35 and the S&P 500 (SPX) closed higher by 6.92 points at 1,012.73.
Inventories for the month of June dropped by more than 1% to 1.35 trillion dollars, helped by a 0.9% increase in sales. The inventory-to-sales ratio fell to 1.38 from 1.41.
In economic news, total retail sales for July reported an unexpected fall of 0.1% and sales less autos fell a sharper-than-expected 0.6%. In addition, July import prices dropped for their first time since January by declining a steeper-than-expected 0.7% month-over-month.
Initial jobless claims came at 558,000, which larger than expected. Consequently, the 4-week moving average went up to 565,000 from 556,500. In the meantime, continuing claims made a more-than-expected move back to 6.20 million, but the drop is most probable from unemployed workers losing their benefits.
US light crude oil futures for September delivery ended at $70.65 per barrel up by 0.7% on the New York Mercantile Exchange as better-than-expected results from Wal-Mart reinforced hopes for an economic recovery.
Gold futures for the month of December delivery finished the session at $956.50 per ounce higher by 0.4% on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) ended up by 36.58 points at 9,398.19, NASDAQ index inclined by 10.63 points to 2009.35 and the S&P 500 (SPX) closed higher by 6.92 points at 1,012.73.
Inventories for the month of June dropped by more than 1% to 1.35 trillion dollars, helped by a 0.9% increase in sales. The inventory-to-sales ratio fell to 1.38 from 1.41.
In economic news, total retail sales for July reported an unexpected fall of 0.1% and sales less autos fell a sharper-than-expected 0.6%. In addition, July import prices dropped for their first time since January by declining a steeper-than-expected 0.7% month-over-month.
Initial jobless claims came at 558,000, which larger than expected. Consequently, the 4-week moving average went up to 565,000 from 556,500. In the meantime, continuing claims made a more-than-expected move back to 6.20 million, but the drop is most probable from unemployed workers losing their benefits.
US light crude oil futures for September delivery ended at $70.65 per barrel up by 0.7% on the New York Mercantile Exchange as better-than-expected results from Wal-Mart reinforced hopes for an economic recovery.
Gold futures for the month of December delivery finished the session at $956.50 per ounce higher by 0.4% on the New York Mercantile Exchange.
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