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U.S. stocks cheer signs of economic improvement

U.S. Stocks

U.S. stocks cheer signs of economic improvement

U.S. stocks climbed Thursday as investors welcomed a decline in U.S. jobless claims and continued manufacturing growth, as well as signs of economic improvement in Asia and Europe.
The Dow Jones Industrial Average rose 70.44 points (0.65 percent) to finish at 10,927.07, clawing back Wednesday's losses.
The tech-rich Nasdaq composite advanced 4.62 points (0.19 percent) to 2,402.58 and the broad-market Standard & Poor's 500 index gained 8.67 points (0.74 percent) at 1,178.10.
Encouraging economic news lifted shares on the first day of trading in the second quarter, ahead of a long Easter holiday weekend. The stock market is closed Friday.
"After yesterday's decline on a disappointing employment report, stocks are nicely higher, continuing their recent rally to start the second quarter," Charles Schwab & Co. analysts said in a client note.
The bulls were "led by a plethora of upbeat manufacturing reports across the globe, which featured the eighth-straight month of expansion for the U.S. ISM Manufacturing Index."
The Institute for Supply Management said its monthly survey of manufacturing managers showed a broad improvement, with th strongest growth since July 2004.
"The continued improvement in the manufacturing sector is the clearest sign that the recovery has legs," said Joel Naroff of Naroff Economic Advisors.


Updated : 2021-04-23 08:21 GMT+08:00