Stocks eke out slender gain as traders shake off disappointing manufacturing, employment news
By APThursday, June 17, 2010
Stocks eke out gain as traders shrug off bad news
LATE-DAY TURNAROUND: Stocks began the day down on disappointing economic news, then recovered in the final hour to finish slightly higher. However, trading wasn’t as frenetic as in other late-day moves in recent weeks.
THE BAD NEWS: More people than expected filed first-time claims for unemployment benefits, and the Philadelphia Federal Reserve said its index of regional manufacturing fell in June.
TRADERS’ SECOND THOUGHTS: Analysts said investors are starting to ignore bad news and are focusing instead on expectations for a stronger economy in the coming quarters.
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