Decline In Job Claims Helps Stock Prices Climb

Stock prices rose once again following a decline in weekly jobless claims as well as rise in consumer sentiment during December. Decline in weekly jobless claims is a good sign for future economic growth.

Dow Jones Industrial Average rallied on the third consecutive day. It rose by 0.51% or 61.91 points to 12,169.65. Out of 30 component stocks, 23 ended higher. The S&P 500 Index increased by 0.8% or 10.28 points to close at 1,254.00. The Nasdaq Composite increased by 0.8% or 21.48 points at 2,599.45.

On the New York Stock Exchange, 775 million shares were traded. The ratio of gainers to losers was 4 to 1.

Leading advancing stocks: Akamai Technologies Inc. jumped about 19% after the announcement by the server-network provider that it would acquire Cotendo for $268 million.

Micron Technology Inc.’s shares rose by 15.7% after rising of the manufacturer’s rating by Wedbush Securities.
Tibco Software Inc.’s shares climbed by 8% following projection of better income for the current quarter by the business software provider.

Leading losing stocks: Alaska Communications Systems Group Inc.’s stocks declined by over 23% as a consequence of reduced quarterly dividend.
American Greetings Corp.’s shares dropped by 21% after lower than expected third-quarter earnings of the card company.

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Leo Pierson

About Leo Pierson

Former partner in a real estate management firm, Leo, has been active in the market for the last 8 years. Ex-blogger on penny stocks, now focused on long term growth stocks, Leo provides valuable market snapshots each day as part of our editorial team.

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