Stocks Rise As Unemployment Claims Remain Modest

By: AP
By: AP

Stocks are rising after the government reported that the number of claims for unemployment benefits remained at a level consistent with modest job growth. Contracts to buy homes rose to the highest level in a year and a half.

The Dow Jones industrial average rose 95 points at 12,246 as of 11:45 a.m. Thursday. The S&P 500 rose 9 points to 1,257, and is at breakeven for the year. The Nasdaq composite index rose 17 at 2,606.

The four-week average of unemployment claims fell to a three-and-a-half-year low of 375,000, an indication that hiring could pick up.

The National Association of Realtors says its index of sales agreements jumped 7.3 percent last month. Stocks of builders like PulteGroup and Lennar rose.

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  • by Nath Location: Colo Spgs on Dec 29, 2011 at 07:27 AM
    The four week average of unemployment claims fell to a 3 1/2 year low... Could it be because even more people's benefits have run out or more people are giving up looking for a job for the time being? States which have passed E-Verify laws are seeing illegals leaving their states and Americans and legal immigrants getting some jobs. Another factor holding the unemployment numbers so high is the door is still open to one million plus LEGAL green cards per year.
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