Quantcast
Get breaking news alerts via email

Click here to manage your alerts
FILE - In this Dec. 18, 2013 file photo, Michael Smyth, left, works with fellow traders on the floor of the New York Stock Exchange. U.S. stocks were poised to open higher Thursday, Dec. 26, 2013, as Wall Street returns from the Christmas holiday, helped by a report that showed less Americans were filing for unemployment benefits. (AP Photo/Richard Drew, File)
Better news on U.S. job market sends stocks higher
First Published Dec 26 2013 09:12 am • Last Updated Dec 26 2013 09:12 am

New York » Stocks moved higher in morning trading Thursday as Wall Street went back to work after the Christmas holiday.

Traders were encouraged by an unexpectedly large drop in claims for unemployment benefits last week, the latest sign that the U.S. job market is improving.

Join the Discussion
Post a Comment

The yield on the 10-year Treasury note, a benchmark for many kinds of loans, edged closer to 3 percent. It hasn’t been that high since September.

KEEPING SCORE: The Dow Jones industrial average rose 56 points, or 0.3 percent, to 16,414 as of 11 a.m. Eastern. The Standard & Poor’s 500 index rose five points, or 0.2 percent, to 1,838 and the Nasdaq composite was up eight points, or 0.2 percent, to 4,163.

JOB MARKET: The number of Americans who filed for unemployment benefits fell 42,000 last week to 338,000. The drop was far bigger than economists were expecting and an indication that fewer people were losing their jobs.

INTEREST RATES: The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent Tuesday. Bond yields have been climbing since late November as economic reports have suggested that the U.S. recovery is gaining momentum. The increase accelerated last week after the Federal Reserve announced it was cutting back on its bond-buying program. The yield touched 3 percent in September. It hasn’t been consistently above 3 percent since July 2011.

‘SILVER LINING:’ "There’s a silver lining to see bond yields rise like this, because it’s a sign that the economy is getting stronger," said John De Clue, chief investment officer of U.S. Bank Wealth Management.

DELIVERY BLUES: UPS fell 30 cents, or 0.3 percent, to $104.19. UPS said its distribution network was overwhelmed in the last few days before Christmas, which led to delivery delays for thousands of packages. Amazon.com, one of UPS’s biggest customers, said it was refunding shipping charges and giving customers a $20 credit toward future purchases to compensate customers whose packages did not arrive in time for Christmas.

T-MOBILE IN PLAY?: T-Mobile rose 21 cents, or 1 percent, to $32.40 after The New York Times and other news outlets reported that the Sprint division of Japan’s Softbank was looking to buy the wireless carrier.

BACK TO WORK: The New York Stock Exchange and the Nasdaq Stock Market will operate on a regular schedule after being closed Wednesday in observance of Christmas. Trading is expected to be light since many investors have already closed out their books for 2013.


story continues below
story continues below



Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Login to the Electronic Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.