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U.S. stocks inch higher as optimism holds

U.S. stocks inch higher as optimism holds

U.S. stocks closed slightly up on Friday as confidence in the U.S. economy grows following a strong drop in jobless claims and better-than-expected wholesale inventory report.
The Dow Jones Industrial Average rose 47.53 points (0.46 percent) to 10,462.77 in closing trades, while the broader S&P 500 index gained 5.37 points (0.49 percent) to 1,109.55 points.
The tech-rich Nasdaq composite index was up 6.28 points (0.28 percent) to 2,242.48.
Friday's modest gains extend a two day winning streak, despite a holiday-shortened week being marked by very low trade volumes.
Stocks were boosted Friday when the Commerce Department said wholesale inventories rose 1.3 percent in July, posting the best performance in two years and largely beating expectations.
The figure indicates that businesses are restocking, offering the latest indication that consumer confidence and spending is on the rise and subsequently that the U.S. economy is strengthening.


Updated : 2021-04-16 02:31 GMT+08:00