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Markets: Wall Street rises despite weak jobs data

US equities rise in spite of fresh data suggesting that the US recovery has stalled.

By Donia O'Loughlin | Published Apr 27, 2012 | comments

Labor Department figures published yesterday (26 April) showed that new jobless claims declined by 1,000 to 388,000, though this figure remained above analyst expectations and further suggests that the US domestic recovery has lost momentum in recent weeks.

Despite this, however, markets continued to build upon strong gains made in the previous session overnight, with all benchmark indices inching higher following strong performance of major individual stocks.

Shares in Caterpillar, the manufacturer of earth moving equipment, gained 0.9 per cent to $104.39, having fallen almost 5 per cent the day before.

Walmart, the world’s biggest retailer by sales, recovered 2.8 per cent to $58.95. The company, which is facing allegations of efforts to cover up bribery in its Mexico operation, made positive gains for the first time since news of the potential scandal broke over the weekend.

Shares in General Electric, the largest US industrial group, moved 0.9 per cent up to $19.62 after shareholders came close to winning a vote that would have given them greater say in the company’s decision-making.

Amazon, the world’s largest internet retailer, soared as much as 15 per cent in after-market trading as demand for its Kindle e-reader helped revenues rise 34 per cent to $13.2bn in its first quarter.

Overall the S&P 500 increased by 0.7 per cent to 1,399, while the Dow Jones Industrial Average added 0.9 per cent to 13,204. The Nasdaq Composite Index was 0.7 per cent higher at 3,050.

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