US stocks rebound on upbeat jobs data

July 29th, 2011 - 3:20 am ICT by IANS  

New York, July 29 (IANS) US stocks rebounded Thursday after the government released upbeat jobs data, Xinhua reported.

The Labor Department said before the opening bell that people applying for jobless benefits dropped 24,000 to a seasonally adjusted 398,000.

It’s the first time for the initial claims to fall below 40,000 in quite a while, giving sentiment a boost.

Investors were also keeping a close eye on the development of debt talks in Washington after major indexes lost for three consecutive days on fears of a rating downgrade or even an actual default.

The Dow Jones industrial average gained 74.93 points, or 0.61 percent, to 12,377.48. The Standard & Poor’s 500 jumped 10.84 points, or 0.83 percent, to 1,315.73. The Nasdaq Composite Index gained 34.61 points, or 1.25 percent, to 2, 799.40.

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