Traders work on the trading floor of the New York Stock Exchange in New York, the United States, Dec. 31, 2009. (Xinhua/Shen Hong) Photo Gallery>>>
NEW YORK, Dec. 31 (Xinhua) -- Wall Street fell sharply at last minutes on final day of the year as encouraging job data showed the economy was heading to the right direction but also spurred concerns for a sooner rate hike.
Major averages opened slightly higher Thursday, drawing support from a report showing weekly jobless claims unexpectedly fell to their lowest level in 18 months.
The Labor Department said before the bell that the number of newly laid-off workers filing claims for unemployment benefits in the United States fell by 22,000 to a seasonally adjusted 432,000 in the week ended Dec. 26, the lowest level since July 2008, while economists were expecting for a rise.
New jobless claims have dropped steadily in recent months, raising hopes that U.S. labor market was healing, which is vital for a sustained recovery. However, it also added to evidence the economic is strengthening enough to allow the Federal Reserve to withdraw more stimulus programs.
With the New Year just around the corner, trading was extremely light during the session, which exacerbated Thursday's results.
Traders work on the trading floor of the New York Stock Exchange in New York, the United States, Dec. 31, 2009.(Xinhua/Shen Hong) Photo Gallery>>>
The Dow Jones Industrial Average fell 120.46, or 1.14 percent, to 10,428.05. Broader indexes also ended in negative territory. The Standard & Poor's 500 index lost 11.32, or 1.00 percent, to 1,115.10 and the Nasdaq dropped 22.13, or 0.97 percent, to 2,269.15.
Many investors believe that the market has seen the best of its gains for a while, so those who remain in the market were wrapping up the stunning comeback year by moving money out of some stocks in the final session.
However, U.S. stocks still managed their best year since 2003 as they recovered from the financial crisis and recession.
The Dow gained 18.8 percent for the year. The broader S&P, which is considered to be the best barometer of the market, rose 23.5 percent, and the technology-heavy Nasdaq ended the year with a gain of 43.9 percent.
NEW YORK, Dec. 31 (Xinhua) -- Crude oil in New York markets finished a little higher on Thursday, the last trading day of 2009,after climbing over 70 percent in the year, the biggest annual gain in a decade.
Light, sweet crude for February delivery was up 8 cents at 79.36 U.S. dollars a barrel. In London, Brent crude for February delivery lost 10 cents to settle at 77.93 dollars a barrel on the ICE Futures exchange. Full story
CHICAGO, Dec. 31 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange closed higher for the last session of 2009 on Thursday, seeing the ninth consecutive annual gain. Silver and platinum both rose.
The most active gold contract for February delivery gained 3.70U.S. dollars, or 0.3 percent, to finish at 1,096.20 dollars an ounce. Full story
NEW YORK, Dec. 30 (Xinhua) -- U.S. stocks managed to stay in positive area after a choppy session on Wednesday, pushing Dow and Nasdaq to highest levels in more than a year.
The Dow Jones Industrial Average inched up 3.1, or 0.03 percent, to 10,548.51, the highest close in nearly 15 months. Alcoa, the Dow's best performer on Wednesday, rose 27 cents, or 1.7 percent, to 16.30 U.S. dollars a share. U.S. Steel climbed 80 cents, or 1.5percent, to 55.51 dollars, while Nucor rose 1 dollar, or 2.2 percent, to 47.06 dollars. Full story
NEW YORK, Dec. 28 (Xinhua) -- Wall Street struggled to settle in positive territory Monday as improved retail sales in holiday season helped offset weakness in airline stocks. All three indexes reached a new 2009 closing high.
Major averages opened higher as data from MasterCard Advisors' Spending Pulse showed U.S. retail sales rose 3.6 percent from Nov. 1 through Dec. 24, compared with a 2.3 percent drop in the year-ago period. Adjusting for an extra shopping day between Thanksgiving and Christmas, the number was closer to a 1 per cent gain. Full story
