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Current Futures: Dow +33.00, S&P +4.20, NASDAQ +2.50
U.S. markets are heading higher for the first time in the last few days, after the Philly Fed Manufacturing Index increased much more than expected and unemployment claims held steady in the week ending June 6.
The S&P advanced for the first time in the last three days of trading, and most sectors are posting gains. Unexpectedly, the financial sector advanced almost 2% on Thursday, even though U.S. legislators are trying to impose stricter rules that would certainly affect the future earnings of the biggest Wall Street banks. However, the diversified company GE lost up to 2% today, as some investors speculate the new regulations will reduce the company’s financial arm ability to increase its market share, TheLFB-Forex.com Trade Team said.
Technology and the commodity stocks were among the sectors that declined. Commodity stocks posted relative small declines, reflecting the side-ways market seen in the crude oil and in the metals, TheLFB-Forex.com Trade Team commented. The technology sector lost on average 0.50% after analysts downgraded to “underperform” the company SanDisk.
During the U.S. session, a release showed that the U.S. Leading Index rose 1.2% in May, making it the second consecutive month in which the index increased. The Philly Fed Manufacturing Index increased to -2.2 in June, much more than expected, to the highest read over the last nine months, while initial unemployment claims held steady in the week ending June 6.
On Thursday, the Dow Jones index rose 54.27 points (0.64%) to 8,551.45, while the S&P 500 gained 6.78 points (0.74%) to 917.49
Crude oil for July delivery was recently trading at $71.60 per barrel, higher by $0.65.
Gold for July delivery was recently trading lower by $2.90 to $933.10.
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