May 28, 2009

U.S. markets turn up on positive news

U.S. stock markets turned higher Thursday morning on positive news from the Labor and Commerce Departments.

First time unemployment claims dropped by 13,000 compared to the previous week, the Labor Department said. Commerce reported new orders for durable goods climbed 1.9 percent in April compared to March.

Although expected, the Organization of Petroleum Exporting Countries said it would leave oil production quotas unchanged for the time being.

In midmorning trading, the Dow Jones industrial average gained 61.65 points, or 0.74 percent, to 8,361.67. The Standard & Poor's 500 rose 0.83 percent, 7.45 points, to 900.51. The Nasdaq composite index added 15.27 points, 0.88 percent, to 1,746.35.

The benchmark 10-year U.S. Treasury bond rose 30/32 to yield 3.622 percent.

The euro rose to $1.3935, compared to Wednesday's $1.3899. Against the Japanese yen, the dollar rose to 96.84 yen, compared to Wednesday's 95.20 yen.

In Tokyo, the Nikkei average gained 12.62 points to 9,451.39, up 0.13 percent.