Wall Street extends gains, Nasdaq at session high.....!!
NEW YORK: US stocks extended their gains on Thursday, with the Dow turning positive and the Nasdaq hitting a session high despite some discouraging data earlier.
Initial jobless claims unexpectedly rose in the latest week and stayed at elevated levels, while US gross domestic product rose at an annual rate of 1.8 per cent in the first quarter, unchanged from the previous estimate and below analysts' expectations for more robust growth.
Jim Awad, managing director at Zephyr Management in New York said the market's midday comeback in the face of weak data could be a positive sign.
"It speaks to the internal strength of the market that people think the internal momentum hasn't been broken yet," he said.
However, the concerns about the European debt crisis have caused the market to wobble in recent weeks as the likelihood seemed to increase that Greece would need to renegotiate its debts, even after receiving a package of emergency loans last year. Greece's debt troubles sent global markets reeling last spring as investors shunned the debt of other European nations. Investors are fearful that scenario might repeat itself.
The Dow Jones industrial average was up 1.51 points, or 0.01 per cent, at 12,396.17. The Standard & Poor's 500 Index was up 2.72 points, or 0.21 per cent, at 1,323.19. The Nasdaq Composite Index was up 17.68 points, or 0.64 per cent, at 2,779.06.
Initial jobless claims unexpectedly rose in the latest week and stayed at elevated levels, while US gross domestic product rose at an annual rate of 1.8 per cent in the first quarter, unchanged from the previous estimate and below analysts' expectations for more robust growth.
Jim Awad, managing director at Zephyr Management in New York said the market's midday comeback in the face of weak data could be a positive sign.
"It speaks to the internal strength of the market that people think the internal momentum hasn't been broken yet," he said.
However, the concerns about the European debt crisis have caused the market to wobble in recent weeks as the likelihood seemed to increase that Greece would need to renegotiate its debts, even after receiving a package of emergency loans last year. Greece's debt troubles sent global markets reeling last spring as investors shunned the debt of other European nations. Investors are fearful that scenario might repeat itself.
The Dow Jones industrial average was up 1.51 points, or 0.01 per cent, at 12,396.17. The Standard & Poor's 500 Index was up 2.72 points, or 0.21 per cent, at 1,323.19. The Nasdaq Composite Index was up 17.68 points, or 0.64 per cent, at 2,779.06.
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