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Mixed economic data leave stocks wavering
Stock Market News |
2011/06/02 09:04
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Mixed economic data left the stock market wavering between small gains and losses Thursday, one day after the Dow Jones industrial average had its biggest drop since last June.
Wednesday's losses were triggered by reports that suggested that the U.S. economy is slowing. Economic news set the tone again on Thursday.
Before the market opened, the government said first-time applications for unemployment benefits fell to 422,000, a slight dip from the previous week, but still above what economists expected. Applications need to fall below 375,000 in order to signal that the economy is adding jobs.
The Dow rose 6 points, or 0.1 percent, to 12,295 in early trading. The S&P 500 rose 1 point to 1,315. The Nasdaq composite gained 11 or 0.4 percent, to 2,780.
Retailers reported mixed sales results. Gap Inc. fell 2.3 percent after sales fell across all its brands. Target Corp. fell nearly 3 percent after missing expectations as sales traffic slowed during the second half of the month. Costco Wholesale Corp. was among the few retailers that did not lose ground. The warehouse retailer gained 0.1 percent after reporting higher revenue, thanks in part to international sales.
Fears that the economy is stalling sent the Dow Jones industrial average down 280 points Wednesday, erasing more than a quarter of the stock market's gains for the year. Treasury bond yields fell to their lowest level since December as traders put a higher value on safer investments. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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