Wall Street buoyed by upbeat economic data

Wall Street buoyed by upbeat economic data

New York: US markets turned sharply higher during Thursday morning trade, and settled the day slightly higher from its earlier rally. Trading volumes were down 30% from the normal average, which is normal, as a result of a shortened trading week.

Moving the markets included economic news on weekly jobless claims. For the week ended September 4th, 451,000 people filed for unemployment insurance for the first time, lower than forecasted by analysts. This was down 27,000 from an upwardly revised 478,000 people filing in the previous week.

Also, the US trade deficit declined to $42.8 billion in July, down from $49.8 billion in June.

In corporate news, Apple announced that it would relax restrictions on applications for the iPhone and iPad, which should now open up its App Store to products made with Adobe System’s Flash program. Adobe surged over 12% at close.

McDonald’s announced same-store sales increased 4.9% globally in August with increased sales of smoothies and frappes. But falling short of expectations, the stock declined for the day.

In world markets, Asian indices ended mixed. European markets ended higher.

Oil futures for October delivery declined 42 cents to close at $74.25 a barrel while gold for December delivery fell $6.60 to $1,250.90 an ounce.

The yield on the 10-year bond increased to 2.76% from 2.65% on Wednesday.