Wall Street Rising in Late Trading
U.S. stocks close higher on Thursday (11/3/2010) local time, after the CEO of Citigroup, Vikram Pandit, said he believed the bank was in the path of sustainable recovery that lifted market sentiment. Once opened down sharply, the market toward positive territory in the final hours of trading, pushing the Dow Jones Industrial Average rose 43.31 points (0.41 percent) to 10,610.64 at the closing of the market.
The Nasdaq Composite Index rose 9.51 points (0.40 percent) to 2368.46 while the broad market index Standard & Poor's 500 rose 4.45 points (0.39 percent) to the temporary closing of 1150.06.
Earlier the stock traded almost unchanged after a disappointing unemployment report and China's inflation data raised fears about the Beijing attempts to cool the economy in the hot spot. Analyst Charles Schwab & Co. said the markets concerned after economic data from China is stronger than expected "raises some concerns that the government can control the stimulus step and threaten the global recovery."
Fear "was exacerbated by reports initial weekly unemployment claims United States," the analysts said in a client note. China's consumer prices rose for the fourth month running in February while new loans slowed sharply, official data showed Thursday as the government's campaign to tame inflation in the booming economy.
Al Goldman at Wells Fargo Advisor said the market proved resilient. "The market continues to act very well face a myriad of concerns and potential stumbling block," he said.
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