US stocks mixed on Greece plan, jobs data

June 3rd, 2011 - 5:31 am ICT by IANS  

New York, June 3 (IANS) US stocks rebounded from earlier losses and closed mixed Thursday as a new plan to address Greek debt problems eased investors’ tensions while data showed US job market was still weak, Xinhua reported.

According to the Labour Department, the number of applications for unemployment benefits dropped to a seasonally adjusted 422,000. Although it was the third drop for initial claims in four weeks, the number remained high and showed weak job growth.

However, market sentiment was lifted after the debt-burdened Greece agreed to a new 6.4-billion-euro deficit cut plan, easing concerns that Greece was on the verge of a debt default.

Meanwhile, the dollar was under pressure Thursday after Moody’s Investors Service warned to put the US government’s rating on review for possible downgrade if there is no progress on increasing the statutory debt limit in coming weeks.

At Thursday’s close, the Dow Jones industrial average lost 41. 59 points, or 0.34 percent, to 12,248.55. The Standard & Poor’s 500 was down 1.61 points, or 0.12 percent, to 1,312.94. The Nasdaq Composite Index rose 4.12 points, or 0.15 percent, to 2,773.31.

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