Report on new orders helps stocks

Aug. 31, 2012 at 5:04 PM
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NEW YORK, Aug. 31 (UPI) -- U.S. stock indexes closed higher in New York Friday after the Commerce Department said new factory orders rose in July.

The department said new orders rose 2.8 percent, or $12.9 billion, to $478.6 billion.

Anticipation of a new federal stimulus program could also be sprinkling the market with confidence.

U.S. Federal Reserve Chairman Ben Bernanke, speaking Friday at the central bank's annual retreat in Jackson Hole, Wyo., said the Fed plans to take forceful action in response to the sluggish economic although he did not say such action is imminent.

At the close on Wall Street, the Dow Jones industrial average added 90.13 points or 0.69 percent to 13,090.84. Advancing issues led declines 2,073 to 888 on volume of 2.9 billion shares.

The tech-heavy Nasdaq Composite index gained 18.25 points or 0.6 percent to 3,066.96. The Standard and Poor's 500 gained 7.10 points or 0.51 percent to 1,406.58.

The benchmark 10-year treasury rose 22/32, yielding 1.554 percent.

The euro rose to $1.2578 from Thursday's $1.2507. Against the yen, the dollar fell to 78.41 yen from 78.63 yen.

In Tokyo, the Nikkei 255 index lost 1.6 percent, 143.87 points, to 8,839.91.

In London, the FTSE 100 index shed 0.14 percent, 7.97 points, to 5,711.48.

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