Thursday, May 19, 2011

US Stocks market Overview 20 May 2011

US Stocks market Overview 20 May 2011 ; Major stock indexes staged their second straight gain Thursday as a doubling in LinkedIn's share price spurred hopes that initial public offerings can lure more investors into risk assets.

The Dow Jones Industrial Average finished with a gain of 45.14 points, or 0.36%, at 12605.32, led by American Express, which added 76 cents, or 1.5%, to $51.82, and McDonald's, which gained 1.01, or 1.2%, to 82.51, The Standard & Poor's 500-stock index added 2.92, or 0.22%, to 1343.60, boosted by the industrial and telecommunications sectors.

The Nasdaq Composite rose 8.31, or 0.30%, to 2823.31 for its third straight gain. Trading was relatively light, with about 3.3 billion shares changing hands in NYSE composite volume.

Investors said the sharp rise in professional networking site LinkedIn's stock on its first day of trading ignited hopes that successful IPOs can help drive more capital off the sidelines. LinkedIn's stock closed up 109% at $94.25, making it 2011's best-performing initial public offering, according to data from Standard & Poor's. The gains came in spite of a batch of weak economic data.

Stocks lost some of their footing mid-morning after the Federal Reserve Bank of Philadelphia's reading on mid-Atlantic manufacturing activity plunged. Meanwhile, sales of previously occupied homes in the U.S. fell slightly in April. The data washed out some of the favorable sentiment that followed better than expected unemployment claims figures early Thursday.
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