Closing Bell: Stocks End Higher on Upbeat Economic Data

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NEW YORK, NY - AUGUST 22:  People walk past the NASDAQ MarketSite in Times Square after trading was halted on all Nasdaq-listed stocks on August 22, 2013 in New York City.  A technical glitch caused all Nasdaq stock trading to be halted this afternoon.  (Photo by Mario Tama/Getty Images)
Mario Tama/Getty Images
U.S. stocks ended higher Thursday, boosted by positive economic data in a session marred by a historic halt in trading on the Nasdaq stock exchange caused by a technical glitch.

Nasdaq trading resumed at 3:25 p.m. Eastern time, after being stopped shortly after noon because of problems with a quote dissemination system. The glitch was blamed for pushing shares in the owner of the exchange, Nasdaq OMX Group (NDAQ), lower. The stock, which trades on the Nasdaq, fell 3 percent to $30.46 after trading outage.

The Nasdaq composite index (^IXIC) ended the day higher, gaining 38 points, or 1.1 percent, to 3,638. The Dow Jones industrial average (^DJI) rose 66 points, or 0.4 percent, to 14,963, snapping a six-day losing streak. The Standard & Poor's 500 index (^GPSC) rose 14 points, or 0.9 percent, to 1,656.

In economic news, the number of Americans filing new claims for jobless benefits last week held near a six-year low and U.S. manufacturing activity rose this month, suggesting the economy is starting to find firmer footing.


Initial claims for state unemployment benefits climbed 13,000 to 336,000, just above the level expected by economists in a Reuters poll, Labor Department data showed. Separately, financial data firm Markit said its preliminary index on factory activity rose in August to 53.9, its best showing since March. A reading above 50 indicates expansion.

Gap (GPS) reported a higher second-quarter profit, helped by the sales gains at its namesake and Old Navy chains and online, leading the clothing retailer to raise its full year profit forecast and dividend. Gap earned 64 cents a share for the second quarter, in line with its own revised forecast.

Other Stocks in the News:
  • Hewlett-Packard (HPQ) fell 12.5 percent to $22.22 after the company reported weak demand for personal computers and falling revenue late Wednesday. The company's earnings were below Wall Street expectations.
  • Dollar Tree Stores (DLTR) rose 2.5 percent to $53.13 after the company reported earnings that surpassed the expectations of Wall Street analysts. The company also raised the lower end of its full-year earnings forecast.
  • GameStop (GME), a video game retailer, surged 9 percent to $51.91 after the company posted earnings that beat analyst expectations and raised its outlook for full-year earnings.
What to Watch Friday:
  • The Commerce Department releases data on new home sales for July at 10 a.m. Eastern time.
-Compiled from staff and wire reports.



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rkeeeballs

....Got some more hope and change here....Dumbpublicans resist, and yet America carries on without them !....so cool :>)

August 23 2013 at 8:29 AM Report abuse rate up rate down Reply
scottee

how can economic data be upbeat when The Fed is printing and diluting our dollar? when our dollar is based on nothing? when congress is deficit spending us into oblivion? when we are a country of spenders, debtors and liars? just wondering?

August 23 2013 at 7:24 AM Report abuse rate up rate down Reply
drj516

"In economic news, the number of Americans filing new claims for jobless benefits last week held near a six-year low and U.S. manufacturing activity rose this month, suggesting the economy is starting to find firmer footing."

To all Republicans: Please verify that President Obama is blaming GWBush for this! And don't forget that all the Republican "No!" votes have helped the country.... Or so you'd like to claim.

August 23 2013 at 7:19 AM Report abuse rate up rate down Reply
Cj Macintosh

Maybe we don't need stock trades to be made at thousands of transactions per second, as in high speed trading.

Maybe the underlying value of a firm does not change nearly as much as the mood of investors about that firm's value.

Maybe the dynamics of high speed trading are unmanageable, even for the smart guys ... remember, derivative traders nearly crashed the global financial system with their latest wave of hubris about their superiority over the rest of us.

How about a new rule - shares of stock in companies can be traded once per 24 hour cycle at the usual rates, then we escalate the tax on trading for shorter hold periods on stock .... you have to pay a premium to the rest of us for seeking to game trading, buying and selling the same issue within such short time periods.

Just thinking out loud. Wonder if the glitch was deliberate by somebody. I don't trust the integrity of our markets, bottom line. Seems a rigged game for insiders, the rest of us are the chumps making them rich

August 22 2013 at 10:59 PM Report abuse +2 rate up rate down Reply
Cj Macintosh

Let me reveal the truth of the matter! Egypt just put in a SELL bid of the FIAT DOLLAR!!!..The are going to have to keep hitting the halt button to stop the shock from the Eastern Nations wanting to convert OUT of the fiat dollar...Just wait until Sept ?Oct of this year it will get worse, THEN in sept/Oct 2014! Whoa baby its bye bye FIAT!!!! You have been told the truth!

August 22 2013 at 10:51 PM Report abuse +1 rate up rate down Reply
Iselin007

Online retail requires less workers so building cheap low wage strip malls will not be the answer. End the global sweat shops so the global new world order doesnt become the next global depression.

August 22 2013 at 10:48 PM Report abuse +1 rate up rate down Reply
Cj Macintosh

And this just happened to occur right as Apple stock was falling under $500. Then Carl Icahn comes out and tweets an opinion regarding the company's CEO stock buyback plan, and voila! - upon market reopening, all is well with the rotten APPL stock and the rest of the *markets*.

August 22 2013 at 10:48 PM Report abuse +1 rate up rate down Reply
Iselin007

Eventually those plasticliners and other cheap repairs to the infrastructure won't matter when the sewer sytems fall in and the water pipes break along with the gas pipes. The roads are in disrepair and they sit on top of all that other underground network! Imagine a mild earthquake damaging all the deteriating underground systems for miles?

August 22 2013 at 10:40 PM Report abuse +1 rate up rate down Reply
Iselin007

I guess they don't want to repair the infrastructure until after WWIII. Gee those enemies will be fooled!

August 22 2013 at 10:33 PM Report abuse +1 rate up rate down Reply
Iselin007

The BLS is no better than someone guessing how many jellybeans are in a jar.

August 22 2013 at 10:28 PM Report abuse +1 rate up rate down Reply