Markets find traction Thursday
NEW YORK, May 10 (UPI) -- Stocks on Wall Street made tentative gains Thursday with the Dow Jones industrial average up 64 points after a six-day slump.
Markets were mixed in Asia, but higher across Europe, boosting confidence in New York despite a government report that said the U.S. trade deficit rose from $45.4 billion to $51.8 billion in March.
In early afternoon trading, the DJIA gained 64.26 points, or 0.5 percent, to 12,899.32. The tech-heavy Nasdaq composite index added 6 points, or 0.2 percent, to 2,940.71. The Standard & Poor's 500 index added 8.23 points, or 0.61 percent, to 1,362.81.
The 10-year benchmark treasury note dropped 2 29/32 to yield 1.902 percent.
The euro rose to $1.2958 from Wednesday's $1.293. Against the yen, the dollar rose to 79.94 yen from 79.63 yen.
In Tokyo, the Nikkei 225 index lost 35.41 percent, 0.39, to 9,009.65.
In London, the FTSE 100 index gained 0.25 percent, 13.90, to 5,543.95.
Trade gap widened in March
WASHINGTON, May 10 (UPI) -- The U.S. trade deficit returned to a trend of widening in March, the deficit growing for four of the past five months, the U.S. Census Bureau said Thursday.
The trade gap fell by $6.5 billion in February. In March, however, the trade gap climbed from a revised $45.4 billion in February to $51.8 billion, an increase of $6.4 billion.
The gap widened with exports at $186.8 billion in March and imports at $238.6 billion.
Imports grew February to March by $11.7 billion, while exports grew by $5.3 billion
The trade deficit with China, which shrunk in February, grew from $19.4 billion to $21.7 billion in March. With the Organization of Petroleum Exporting Countries, the deficit, which also fell in February, climbed from $6.4 billion back to $9.1 billion.
The trade deficit with the European Union also down in February, rose from $5.9 billion to $9.8 billion.
Import prices dropped in April
WASHINGTON, May 10 (UPI) -- U.S. import prices fell 0.5 percent in April, the first decrease since October, the Department of Labor said Thursday.
Prices dropped following a revised gain of 1.5 percent in March and a revised figure for February, when import prices, the department said, were unchanged.
With the revision for February, prices were unchanged for three consecutive months, starting in December 2011.
With the price drop in April, import prices have fallen in five of the past 12 months. Despite those drops, import prices as of April were up 0.5 percent for the previous 12 months.
In the past 12 month, import prices for fuel are down 1.7 percent, a sharp drop from the 37.3 percent price gain for imported fuel from April 2010 to April 2011.
From March to April, prices for imported fuel fell 2.1 percent, which "more than offset a small increase in non-fuel prices," the department said.
For non-fuel imports, prices rose 0.1 percent March to April. For the 12 months prior, non-fuel import prices have risen 1.3 percent.
Export prices rose month-to-month, climbing 0.4 percent. Export prices for agricultural goods rose 2 percent, while prices for non-agricultural exports rose 0.2 percent.
Jobless claims drop marginally in week
WASHINGTON, May 10 (UPI) -- First-time jobless claims dropped marginally in the week ended Saturday, with 1,000 fewer initial claims filed, the U.S. Labor Department said
The four-week rolling average of first-time claims fell to 379,000, down 5,250 from the previous week. During the week ending Saturday, 367,000 first-time claims were filed.
The biggest increases in initial jobless claims for the last week of April in Indiana (up by 2,294), Florida (up by 1,767) and Illinois (up by 1,512). The largest decreases for the week were in New York (down by 21,258), California (down by 6,790) and Massachusetts (down by 2,530).
The U.S. unemployment rate is 8.1 percent, falling 0.1 percentage points from March to April.
