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U.S. Stocks Rise on Economic Data After Biggest Dive This Year
Mar 8,2012 08:43CST
data analysis
Source:SMM
U.S. stocks rose on Wednesday, a day after their biggest dive since the beginning of this year, as U.S. economic data beat estimates.

NEW YORK, Mar.8 -- U.S. stocks rose on Wednesday, a day after their biggest dive since the beginning of this year, as U.S. economic data beat estimates.

Stocks opened higher amid positive economic data, then surged more after the U.S. government said that oil refineries are operating at a faster clip than economists had expected.

The positive news eased concerns about the Greek debt crisis.

The Dow Jones industrial average gained 78.18 points, or 0.61 percent, at 12,837.33. The Standard & Poor's 500 was up 9.27 points, or 0.69 percent, to 1,352.63. The Nasdaq Composite Index rose 25.37 points, or 0.87 percent, to 2,935.69.

On the economic front, the private sector added 216,000 jobs last month, the ADP National Employment Report said on Wednesday, topping economists'expectations for a gain of 208,000.

The ADP figures come ahead of the government's labor market report on Friday, which included both public and private sector employment and was generally considered more comprehensive.

Meanwhile, the Labor Department said that productivity rose 0.9 percent in the fourth quarter, in line with consensus estimate.

The Institute of International Finance said that 30 members of its private creditor-investor committee for Greece plan to voluntarily take part in the Greek debt swap plan. They hold 81 billion euros of outstanding debt, or 39.3 percent of the 206 billion euros of the eligible privately held debt.

The Greek government was optimistic that over 75 percent of eligible bonds would take part in the deal. Some investors, however, were still concerned about the ongoing situation.

As for other markets, the U.S. dollar fell against most major currencies in late New York trading on Wednesday. The dollar index lost 0.18 percent to 79.72. U.S. crude oil price rebounded as U.S. private sector created more jobs in February.

Light, sweet crude for April delivery added 1.46 dollars, or 1. 39 percent to settle at 106.16 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for April delivery also gained and last traded around 124 dollars a barrel.

 

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