US Stocks Edge Higher On Rosy Data

US stocks edge higher on rosy data

NEW YORK, (UrduPoint / Pakistan Point News - 18th Nov, 2016 ) - US stocks finished higher Thursday, boosted by the latest upbeat economic data and continuing the upward trend seen in the post-election period.

The blue-chip Dow Jones Industrial Average rose 0.2 percent to finish at 18,903.82 and the broader S&P 500 gained 0.5 percent at 2,187.12. The tech-rich Nasdaq posted the biggest gain, adding 0.7 percent at 5,333.97.

The trading session followed several rosy economic data reports: weekly initial jobless claims hit a 43-year low in a sign of tightening employment markets, and the consumer price index for October showed its strongest gain in six months.

Housing starts also rebounded for the month. US Federal Reserve Chair Janet Yellen testified Thursday that an increase in interest rates could occur "relatively soon," supporting market expectations that the a hike will come next month.

Sinking shares in the retail giant Wal-Mart Stores weighed on the Dow's results, as the company's stock declined 3 percent following disappointing third quarter revenues that rose 0.7 percent but failed to meet analyst expectations.