PRODUCT PROFILE

Latest Dublin Prices

NAME
LATEST
CHANGE
Aer Lingus 1.35 0.00 more
BoI 0.25 -0.01 more
CRH 18.15 -0.01 more
Glanbia 11.71 0.09 more
Greencore 0.64 -0.02 more
Ind. News 0.12 0.01 more
Ryanair 7.02 0.18 more

 

Wall St climbs after economy data

Thursday, March 13 15:55:03

U.S. stocks edged higher today, putting the S and P 500 on track for a second day of gains, following better-than-expected data on retail sales and the labour market, though worries about Ukraine and the health of China's economy curbed the advance.

Weekly initial jobless claims fell 9,000 to a seasonally adjusted 315,000, marking a fresh three-month low and better than a forecast for 330,000 new claims.

Retail sales for February rose 0.3 percent, slightly more than the 0.2 percent estimated and ended two straight months of declines, although the prior month was revised lower.

In addition, import prices increased 0.9 percent last month, the biggest rise since February last year, with little sign of a broad pick-up in imported inflation.

Investors have discounted many economic numbers that have fallen short of expectations recently, attributing the weakness to a harsh winter across much of the country. Economic activity, evidenced by such data as retail sales, is expected to improve as the weather warms.

Still, with the benchmark S&P index near record highs, investors may be looking for evidence of stronger economic progress to justify further gains.

"It's been kind of a recurring theme all year - an improving U.S. economy is already discounted in the market and the numbers aren't so good as to say it's a blistering improvement," said Stephen Massocca, managing director, at Wedbush Equity Management LLC in San Francisco.

"And these hot spots are still of concern to people, the Ukraine and China being wobbly."

China's economy slowed markedly in the first two months of the year, as growth in investment, retail sales and factory output all fell to multi-year lows.

Tensions in Ukraine continued to flare. Germany's Angela Merkel warned Moscow it risked "massive" political and economic damage if it refused to change course on Ukraine, saying Western leaders were ready to impose sanctions on Russia if necessary.

Russia said it had started military exercises near the border with Ukraine, in what is likely to be seen as a show of force in the standoff with the West over the Crimea peninsula.

The Dow Jones industrial average rose 33.26 points, or 0.2 percent, to 16,373.34, the S and P 500 gained 2.45 points, or 0.13 percent, to 1,870.65 and the Nasdaq Composite added 4.799 points, or 0.11 percent, to 4,328.13.