Market close analysis 9/9
September 9, 2010 -- 4:10PM ET
The stock market posted moderate gains, extending September’s advance, after a better-than-expected report on the labor market. First-time claims for unemployment benefits fell to the lowest level in two months. A separate report showed the trade deficit narrowed as exports climbed to the highest monthly level in two years. The market gave up some of its initial gains as European debt concerns re-emerged. Deutsche Bank fell 3.2% to 59.99 in New York trading on a report the German bank is considering a stock sale to raise $11 billion. Healthcare stocks were among today’s best performers. Stem-cell companies closed higher after a court said government funding may continue during an appeal of a ban on embryonic-cell research. McDonalds was a drag on the Dow. The shares fell 2.3% to 74.37 and subtracted 13 points from the index after the burger chain said global sales increased less than analysts expected in August. The Dow closed up 28 points at 10,415. NYSE volume totaled only 838 million shares. The S&P 500 rose 5 points to 1104, the sixth gain in the past seven sessions. The Nasdaq gained 7 points to 2236. Advancing issues beat decliners by 3-2 on the NYSE and by 6-5 on the Nasdaq. The 10-year Treasury note fell 26/32 to yield 2.75%.
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