US close: Modest gains on up and down day
10 Mar 2010
US shares closed flat as unemployment figures prompted investors to question the Dow's rally toward a two-month high.
On an undulating day, Dow Jones closed up 2 at 10,567. Nasdaq added 18 to 2,358, a new 18-month high, while the S&P 500 rose 5 to 1,145.
A report from the Labor Department revealed jobless rates rose in 30 states and Washington DC in January, although that was down from 43 the month before. It said unemployment rates fell in nine states and was unchanged in eleven.
There was also a surprise drop in wholesale inventories, which fell 0.2% at the start of 2009 rather than increase by the 0.2% predicted by economists.
Google rose after it said it expected talks with the Chinese government over censorship and monitoring of its Chinese sites to be concluded soon.
Citigroup rose as the bank sold $2bn worth of 30-year trust preferred securities with an 8.5% yield.
Teen fashion retailer American Eagle posted a rise in quarterly profits after lifting sales and holding back on discounts.
After the closing bell Tuesday, Abbott Laboratories agreed to buy Facet Biotech for $27 a share.
Elsewhere, exports from China rose by 46% from a year ago in February as the east Asian economic powerhouse continued its recovery from last year's global economic downturn.
S&P 500 - Risers
American International Group Inc. (AIG) $36.24 +10.59%
Zions Bancorporation (ZION) $20.48 +6.33%
MEMC Electronic Materials (WFR) $13.63 +6.24%
Radioshack Corp. (RSH) $22.70 +5.58%
S&P 500 - Fallers
EQT Corp. (EQT) $44.68 -5.68%
Davita Inc. (DVA) $60.90 -2.54%
Lennar Corp. Class A (LEN) $16.93 -2.08%
Brown Forman Corp. Class B (BF.B) $54.79 -1.97%
Dow Jones I.A - Risers
Boeing Co. (BA) $70.01 +3.27%
Bank Of America Corp. (BAC) $17.11 +1.85%
Intel Corp. (INTC) $21.22 +1.34%
JP Morgan Chase & Co. (JPM) $42.93 +1.20%
Dow Jones I.A - Fallers
Travelers Company Inc. (TRV) $52.89 -1.27%
Merck & Co. Inc. (MRK) $36.67 -1.00%
Cisco Systems Inc. (CSCO) $25.91 -0.86%
Wal-Mart Stores Inc. (WMT) $53.63 -0.80%
