Stocks increase ahead of holiday schedule
by The Associated Press
November 21, 2012 11:00 PM | 389 views | 0 0 comments | 3 3 recommendations | email to a friend | print
NEW YORK — The stock market crept higher Wednesday ahead of the Thanksgiving holiday. Major market indexes got a slight lift after news broke of a cease-fire agreement between Israel and Hamas in the Gaza Strip.

The truce was announced by Egypt’s foreign minister and confirmed by Israeli Prime Minister Benjamin Netanyahu. A week of fighting has killed more than 140 Palestinians and five Israelis.

The Dow Jones industrial average climbed 48.38 points to 12,836.89. Three of the most expensive stocks in the average — Boeing, IBM and United Technologies — each rose more than 60 cents. Higher-priced stocks in the Dow carry more weight.

The Labor Department said that first-time applications for unemployment benefits fell by 41,000 last week to 410,000. The figure remains temporarily high because of Superstorm Sandy and was in line with what economists had expected.

“The news today didn’t mess anything up,” said Harry Clark, CEO of Clark Capital Management, an investment advisory firm in Philadelphia. “With no bad news, this market will drift higher.”

That’s partially because investors have stopped worrying as much about the “fiscal cliff” of tax increases and government spending cuts that are set to take effect Jan. 1, Clark said.
Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, spam, and links to outside websites will also be rejected. Please read our terms of service for full guides