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UPDATE 11- US shares rebound in late trade.
(From FT Investor (Stories))
US shares closed with mixed results on Thursday, with most sectors shaking off steep morning losses as investors reacted to the latest dour reports on the job market and manufacturing.
The Institute for Supply Management (ISM) said its overall index of business activity fell to a below-expected 45.4 in April from 46.2 in March. In a separate report, weekly initial unemployment claims in the US fell, but stayed near 12-month highs.
Art Hogan, chief market analyst at Jefferies & Co said in spite of uninspiring economic data, investors wanted to bid the market higher.
"Investors want to get back in this market and predict an economic turnaround in the second half of this year. The market is trying to be forward-looking, and there are some stimuli. Oil prices went from a high of $40 a barrel during the war [in Iraq] scenario, to now down around $25. That should help not only the domestic, but the global economy as well," he said.
He added that the economic data in the first half of the year has not been good, "but folks are focusing on the fact that we got out of the earnings season pretty well."
By the close the Dow Jones Industrial Average had pared losses to 25.84 points, at 8,454.25. It had traded as low as 139.86 points down. The S&P 500 index pulled up to a loss of 0.62 at 916.30, and the tech-laden Nasdaq added 8.25 to 1,472.56.
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