Stocks notch up in light trading

NEW YORK, Dec. 27 (UPI) -- Share prices on the New York Stock Exchange and the Nasdaq Stock Market closed slightly higher in light trading Thursday, lifted by strength in technology and retail issues.

The blue-chip Dow Jones industrial average, which rose 52.80 points Wednesday, gained 43.17 points, or 0.43 percent, to 10,131.31. The tech-heavy Nasdaq composite index, which added 16.22 points in the previous session, rose 15.66 points or 0.80 percent to close at 1,976.36.

The broader New York Stock Exchange composite index rose 3.45 points to close at 592.08, while the Standard & Poor's 500 index gained 7.76 points to 1,157.13. The American Stock Exchange composite index rose 2.39 points to 845.57 while the Wilshire 5000 rose 71.24 points to close at 10,774.64.

Big Board volume improved to an estimated 881 million shares from 793 million shares changing hands Wednesday, while Nasdaq volume also rose to 1.24 billion from 1.13 billion.

Advancers beat decliners 2,089 to 1,061 on the New York Stock Exchange, while gainers outnumbers retreaters 2,150 to 1,518.

Analysts said stocks pushed higher, boosted by retail and technology shares, as money managers stuffed their portfolios with some recent winners before year-end.

Technology issues rose on growing optimism that the struggling U.S. economy will begin growing again early next year.

Meanwhile, the market also focused on energy stocks because the Organization of Petroleum Exporting Countries is slated to cut a combined 2 million barrels a day in crude oil supplies to non-OPEC countries.

Oil ministers of the Organization of Petroleum Exporting Countries are sweeping away any doubts over whether they will commit later this week to a new cut in oil output quotas.

OPEC's kingpin, Saudi Arabia's Oil Minister Ali Naimi, said the chances are "100 percent" that ministers will sign the new deal on Friday.

Qatar's Oil Minister Abdullah bin Hamad al-Attiyah said he will support OPEC if it decides on Friday to go ahead with its planned production cut of 1.5 million barrels a day for at least six months from Jan. 1.

He said it is important for the output reduction to continue through the second quarter, when world oil demand usually recedes. He said any production cut should take its course until it restores market stability, adding that a fair OPEC oil price should be $20 to $22 a barrel.

He said non-OPEC cooperation is crucial to maintaining oil market stability, because OPEC only accounts for 35 percent of world supply.

"We aren't pressuring anyone. If prices collapse, everybody will suffer," he said.

Meanwhile, on the economic front, U.S. overall consumer confidence plunged five points in the week ended Dec. 23, according to the latest ABC News/Money Magazine poll. The consumer comfort index now stands at a level of minus 11, compared with last week's level of minus 6.

The index is at its lowest level in more than five years, ABC News said.

According to the latest survey, 33 percent of respondents expressed confidence in the economy, vs. 37 percent the week before. Also, 56 percent of those polled said their own finances were in good standing, down two percentage points from the prior week.

Finally, 45 percent of respondents assessed the buying climate as good, down one point from a week ago.

The consumer comfort index was based on a random survey of 1,034 respondents nationwide ended Dec. 23. The index measures typical American confidence in three areas: the national economy, their own finances, and their willingness to spend money, according to the report.

The poll has a margin of error of plus or minus 3 percentage points.

And the Conference Board said its measure of help-wanted advertising, a key barometer of America's job market, slipped during November to its lowest level in almost four decades.

The group said its help-wanted index, which measures advertising volume in 51 major newspapers across the country, eased 1.0 point to 45.0 in November.

Most economists on Wall Street were expecting the index to slip to 46.0 during the month.

Conference Board Economist Ken Goldstein said, "Even if the economy is slowly starting to turn around, the labor market is still in retreat.

"In more than half the country, help-wanted ad volume is about half of what it was one year ago. The overall level of the Help-Wanted Index is as low now as it has been in almost four decades. The trend in job advertising suggests that new hiring will be kept to a bare minimum through early 2002," the economist added.

Looking ahead, the weekly data on initial claims for unemployment benefits reported every Thursday will be released at 8:30 a.m. EST Friday because of this week's holiday schedule, the Labor Department said.

Also due out Friday are data for November durable goods orders, existing home sales, and the latest reading on consumer confidence as reported by the Conference Board.

Meanwhile, U.S. Treasury prices pushed higher. The 10-year bond rose 28/32 to 99 12/32. Its yield, which moves in the opposite direction of its price, slipped to 5.08 percent from 5.20 percent late Wednesday.

In Europe, stock prices ended higher in London, Frankfurt and Paris in light post holiday trading. The London International Stock Exchange's blue-chip FTSE-100 index gained 35.80 points, or 0.69 percent, to 5,213.20. The German DAX index jumped 98.12 points, or 1.95 percent, to 5,117.13 and the French CAC-40 index climbed 89.06 points, or 1.98 percent, to 4,591.16.

Analysts said stocks were lifted by strength in technology, oil and auto issues. But trading activity remained very light as many European investors opted to extend their Christmas break.

Stocks were also supported by the firm start on Wall Street and some selective year-end bargain hunting.

Earlier in Asia, prices on the Tokyo Stock Exchange ended their last full trading session of the year higher, lifted by strength in export issues. The Tokyo Stock Exchange will close after the morning session on Friday and will reopen Jan. 3.

Japan's blue-chip Nikkei Stock Average of 225 selective issues, which slipped 62.24 points Wednesday, jumped 265.04 points, or 2.60 percent, to 10,457.61. Most of the gains came late in the session after the index ended the morning up just 31.84 points.

Analysts said stocks rose as the steady slide of the Japanese yen prompted active short-covering in the March futures contract of the exporter-rich index.

The yen slid steadily throughout the day on apparently ambivalent comments from government officials, breaking above 132 yen to the U.S. dollar after the close of trade.

Export blue chips led rises on hopes for the weaker yen's impact on earnings at export-oriented companies in such industries as technology and autos.

What appeared to be buying by public funds also helped pull the Nikkei higher, traders said.

Elsewhere in Asia, prices on the Hong Kong Stock Exchange ended higher in light trading as property shares led gainers after strong apartment sales over the Christmas holidays spurred investors' buying in the sector. The blue-chip Hang Seng Index rose 149.72 points, or 1.34 percent, to 11,359.50, after trading in a range of 11,208.47 and 11,415.04.

The Hong Kong market was closed for the Christmas holidays on Tuesday and Wednesday. It will be open for a half day next Monday and will be closed next Tuesday for the New Year's holiday.

Overall, trading activity was light due to the holiday season, and some of the buying was futures related as December's contracts are due to expire on Friday.

Meanwhile, prices ended higher on the South Korean Stock Exchange, lifted by strength in the futures market. The Korea Composite Stock Price Index, or Kospi, rose 14.68 points, or 2.25 percent, to 668.55.

It was a volatile day of trading. In the morning, Korean shares slipped as many retail investors -- who bought shares during the previous session to lock in dividends -- sold.

Wednesday was the last day of 2001 when investors could buy shares and still receive dividends on those shares. But the market rebounded around midday as foreigners moved in to buy in the futures market.

Traders said many were merely speculating and were not moving on any particular factor beyond the generally optimistic sentiment regarding the Korean economy.

In Taipei, prices on the Taiwan Stock Exchange snapped their three-day winning streak as investors sold select electronics issues to take profits from recent gains. The Weighted Price Index of the Taiwan Stock Exchange lost 59.45 points, or 1.10 percent, to 5,332.98.

The market gained 5.5 percent in the past three sessions and was higher early Thursday on year-end window-dressing buying. However, profit taking intensified in late trading on concerns some electronic issues may be overbought.

Elsewhere in the Pacific region, prices ended slightly higher in light trading on the Australian Stock Exchange following the holiday break. The blue-chip All Ordinaries rose 26.00 points, or 0.78 percent, to 3,354.70. Australia's stock market was closed Tuesday and Wednesday for Christmas holidays.