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Stocks edge higher, continue September rally

Stocks edge higher, continue September rally

Stocks edged higher Friday as investors placed more bets that the U.S. economy will continue to grow.
The Dow Jones industrial average rose 23 points in very light morning trading. Broader indexes also rose, and Treasury prices eased as traders became more willing to take on risk.
While the economy is not robust by any measure, a series of reports have come in ahead of economists' estimates and eased fears that the economy would fall back into recession. The market is now headed for its seventh day of gains out of the past eight.
The market got another dose of positive news on the economy Friday when the Commerce Department reported that wholesale inventories and sales increased sharply in July, well ahead of expectations. It's a bullish sign when wholesalers build up inventories because it indicates they expect retail sales will pick up.
The market's September rally has paused only once so far, when concerns resurfaced about European banks. European markets fluctuated Friday after a report that German banking giant Deutsche Bank is considering raising new cash through a stock sale. The report came out Thursday afternoon, so U.S. markets already had a chance to react to the news.
The Dow rose 23.31, or 0.2 percent, to 10,437.11 in morning trading.
The Standard & Poor's 500 index rose 3.56, or 0.3 percent, to 1,107.74, while the Nasdaq composite index rose 4.89, or 0.2 percent, to 2,241.09.
About two stocks rose for every one that fell on the New York Stock Exchange, where volume was extremely low at 105.2 million shares. Volume will likely remain light Friday because of the Jewish holiday, Rosh Hashanah. Low volume can exaggerate market movements.
Bond prices dipped. The yield on the 10-year Treasury note, which moves opposite its price, rose to 2.80 percent from 2.76 percent late Thursday. Its yield is used to help set interest rates on mortgages and other consumer loans.


Updated : 2021-06-18 04:37 GMT+08:00