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US stocks edge higher amid Greek hope
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IANS | 10 Feb, 2012
US stocks edged higher Thursday amid Greek's long-awaited austerity deal and better-than-expected jobless claims.
Greek political leaders Thursday reached a deal over austerity measures in order to prevent debt default, Xinhua reported.
Finance
ministers from the euro zone countries were expected to meet later
Thursday to discuss the plan and decide whether to release the bailout
funds.
The news helped to improve investors' sentiments and eased concerns about the Greek debt problems.
Meanwhile,
the European Central Bank decided to keep its key interest rate
unchanged at 1 percent Thursday, erasing uncertainties about the
monetary policy.
Also easing euro zone concerns, the Bank of
England Thursday said the central bank would buy an additional 50
billion pounds of assets, mostly British government bonds, in an effort
to ease credit and boost the economy.
On economic front, the US
Labor Department said initial jobless claims dropped 15,000 to 358,000
last week, suggesting the job markets continued to recover.
As
for shares, beverage maker PepsiCo Inc said that it forecasted a
lower-than-expected 2012 earnings and would cut thousands of jobs.
Meanwhile, Apple's stock rose 3.46 percent to $493.17 per share, as investors bet a very strong iPhone 4S sales.
The
Dow Jones industrial average edged up 6.51 points, or 0.05 percent, at
12,890.46. The Standard & Poor's 500 edged up 1.99 points, or 0.15
percent, to 1,351.95. The Nasdaq Composite Index rose 11.37 points, or
0.39 percent, to 2,927.23.
As for dollar, the US dollar fell
against most major currencies in late New York trading Thursday as Greek
leaders agreed on a austerity plan which may prevent the country from
defaulting.
The dollar index dropped 0.07 percent to 78.58 Thursday.
As
for oil, crude prices rose Thursday as Greece reached the austerity
deal for receiving international rescue fund and US job data beat
estimates.
Light, sweet crude for March delivery gained $1.13, or
1. 15 percent to settle at $99.84 a barrel on the New York Mercantile
Exchange.
In London, Brent crude also rose $1.39, or 1.19 percent to $118.59 a barrel, the highest level since August.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹94.2
|
₹92.5 |
UK Pound
|
₹128.85
|
₹124.8 |
Euro
|
₹112.2
|
₹108.45 |
| Japanese
Yen |
₹59.85 |
₹58 |
| As on 06 May, 2026 |
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