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United States News Title: U.S. Stocks Rise, S&P 500 Has First Three-Day Rally Since April U.S. stocks rose, with the Standard & Poor’s 500 Index having its first three-day rally since April, as a drop in jobless claims and higher-than-forecast sales at some retailers bolstered confidence in the economy. DuPont Co. and McDonald’s Corp. climbed more than 2.4 percent to lead the Dow Jones Industrial Average higher. J.C. Penney Co. and Abercrombie & Fitch Co. surged at least 6.7 percent after reporting June sales that beat estimates. Stocks pared gains after analyst Meredith Whitney cut earnings estimates for Goldman Sachs Group Inc. and Morgan Stanley. The S&P 500 climbed 0.9 percent to 1,070.23 as of 4 p.m. in New York after rising as much as 1 percent and falling as much as 0.2 percent earlier today. The Dow rose 120.71 points, or 1.2 percent, to 10,138.99. “It’s a relief rally,” Russ Koesterich, the San Francisco-based head of investment strategy for scientific active equities at BlackRock Inc., which manages $3.36 trillion in assets as the world’s largest asset manager. “There’s evidence that the global economy continues to recover. In the U.S., some retailers are doing well. Valuations are reasonable. The stock market may have found a short-term bottom.” U.S. stocks rallied yesterday, sending the S&P 500 up 3.1 percent for its biggest gain in six weeks, as banks advanced and retail-sales growth bolstered optimism that consumer spending is weathering a drop in confidence. Still, the S&P 500 remains 13 percent below its April 23 high after a sovereign debt- crisis in Europe rattled markets and economic reports from the U.S. and China suggested that the recovery is stalling. Jobless Claims Initial claims for jobless benefits fell by 21,000 to 454,000 for the week ended July 3, Labor Department figures showed today in Washington. Economists had forecast applications would fall to 460,000 from an initially reported 472,000 for the prior week, according to the median of 36 projections in a Bloomberg survey. The number of people receiving unemployment insurance dropped to the lowest point since 2008, while those getting emergency benefits also declined after Congress failed to pass legislation extending the assistance. DuPont gained 3 percent to $36.29, while McDonald’s advanced 2.5 percent to $69.02. Boeing Co. rose 2.3 percent to $64.75. The world’s second- biggest commercial-jet builder said it still expects to deliver 460 to 465 airliners this year after an 8.8 percent drop in shipments last quarter, and announced $3.05 billion in new orders for its 737 model. Global Growth Forecast U.S. stocks also rose after the International Monetary Fund raised its forecast for global growth this year reflects a stronger-than-expected first half. The world economy will expand 4.6 percent in 2010, the biggest gain since 2007, compared with an April projection of 4.2 percent. Growth next year is projected to be 4.3 percent. “It’s very encouraging,” said Stanley Nabi, New York- based vice chairman of Silvercrest Asset Management Group, which manages $9 billion. “It was also positive to see the IMF raising its estimates. The combination of better-than-expected jobless claims and good numbers from some of the largest retailers removed some of the gloom from the market.” J.C. Penney gained 6.7 percent to $23.24. The third-biggest U.S. department-store chain said June comparable store sales rose 4.5 percent, beating Retail Metrics’ estimate of a 3.7 percent increase. Abercrombie & Fitch rose 7.8 percent to $35.45 after the teen clothing retailer reported that same- store sales in June rose 9 percent, beating analyst estimates. Gap Inc. shares retreated 7.6 percent to $18.22 after the retailer said same-store sales in June were unchanged. Analysts had estimated sales for the company, whose brands include Old Navy and Banana Republic, would rise 3.7 percent.
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#1. To: go65 (#0)
Great news! We can cut unemployment benefits now.
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Hey Zero-fan! I'm still waiting for an answer to this question from yesterday.
If I could, I would. rotflmao!
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
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