Stocks End Higher, Break Losing Streak
U.S. stocks closed higher Wednesday, clawing back from deep session lows and ending an eight-day losing streak of Dow. The Dow Jones Industrial Average gained 29.82 points, or 0.25%, to 11,896.44. The S&P 500 rose 6.29 points, or 0.50%, to 1,260.34. The Nasdaq Composite rose 23.83 points, or 0.89%, to 2,693.07.
President Barack Obama’s spokesman is discounting talk that the economy may be headed back into recession, despite recent concerns of economists. Spokesman Jay Carney says there is no question that economic growth and job creation have slowed over the past half year. But, Carney told a White House briefing, “We do not believe that there is a threat of a double-dip recession.”
Dunkin’ Brands Group Inc said on Wednesday its franchisees are raising prices at Dunkin’ Donuts and Baskin-Robbins stores to help cover the higher costs of key ingredients such as coffee and milk.
The Labor Department said Wednesday that unemployment rates rose in 345 large metro areas. They dropped in 20 cities and were unchanged in seven. That’s worse than May, when rates rose in only 210 cities. And it is a sharp reversal from April, when unemployment rates fell in nearly all metro areas.
Oil fell to its lowest level in five weeks on Wednesday as more signs of a slowing U.S. economy raised concerns about demand for everything from gasoline to natural gas used to cool homes. Benchmark West Texas Intermediate crude dropped $1.86 to settle at $91.93 a barrel on the New York Mercantile Exchange.