Stocks Have a Little Bounce Going Into Thanksgiving

Stock prices have turned higher after a weak open on Wall Street Wednesday.

At mid-day on Wednesday, the Dow Jones industrial average was up 40 points at 8,520. Gainers on the New York Stock Exchange hold a 2-to-1 lead over losers.

The Nasdaq Composite Index has gained 29 points at 1,494.

And the Standard-and Poor's 500 Stock Index is up 5 points at 862.

Trading on the New York Stock Exchange during the first two hours totaled 1.9 billion shares. Volume on the Nasdaq Market came to 606 million shares.

This advance comes after three straight session gains for the blue chips. Investors have been treated to a heavy helping of still troubling economic data. The market will be closed tomorrow for Thanksgiving and Wall Street closes early on Friday.

New home sales dropped more than 5 percent in October to the lowest level since 1991.

The Commerce Department also reported that consumer spending fell 1 percent last month. Orders to U.S. factories fell 6.2 percent, the largest amount in two years.

New claims for unemployment benefits fell to a seasonally adjusted 529,000. Despite the decline, the level of claims is considered recessionary.

President-elect Barack Obama has named former Federal Reserve chairman Paul Volcker to head a panel of economic experts to advise him. Obama held his third news conference in three days.

Copyright AP - Associated Press
Contact Us