Stocks advanced, lifting the S&P 500 index to within 2 points of its all-time closing high, as investors welcomed the latest confirmation of an expanding economy. Initial jobless claims declined by 10,000 to 332,000 last week, better than forecasts of 350,000, signaling ongoing improvement in the labor market. Separately, producer prices jumped 0.7% in February, boosted by a rise in gasoline prices. Apple rose 0.97% after a BTIG Research upgraded the co. to buy from neutral, but the stock was under some pressure ahead of the coming launch of Samsung’s Galaxy G4 smartphone. EBay 1.6% gained in volatile trading after Evercore Partners raised its rating to overweight, or buy, from equal weight. Amazon.com fell 3.4% after J.P. Morgan cut its rating to neutral from overweight and lowered target price.
Friday, March 15, 2013
Posted solid gains on jobless claims data
Stocks advanced, lifting the S&P 500 index to within 2 points of its all-time closing high, as investors welcomed the latest confirmation of an expanding economy. Initial jobless claims declined by 10,000 to 332,000 last week, better than forecasts of 350,000, signaling ongoing improvement in the labor market. Separately, producer prices jumped 0.7% in February, boosted by a rise in gasoline prices. Apple rose 0.97% after a BTIG Research upgraded the co. to buy from neutral, but the stock was under some pressure ahead of the coming launch of Samsung’s Galaxy G4 smartphone. EBay 1.6% gained in volatile trading after Evercore Partners raised its rating to overweight, or buy, from equal weight. Amazon.com fell 3.4% after J.P. Morgan cut its rating to neutral from overweight and lowered target price.
