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10B – Daily News – Friday, September 10, 2010 Stocks extended their Sep- tember rally Thursday fol- lowing more encouraging news on the job market. The Dow Jones indus- Stocks extend gains after drop in jobless claims Wall Street NEW YORK (AP) — trial average rose 28 points after the Labor Department said first-time claims for unemployment benefits fell last week to the lowest level in two months. In another hopeful sign on the economy, the trade deficit narrowed in July. Stocks pared their gains in the afternoon after a report came out saying Deutsche Bank is consid- ering raising new money through a stock sale in what could be another troubling sign for Euro- pean banks. Trading vol- ume was very light. The jobs report came in much better than analysts had expected and added to other positive signals on the economy, including a pickup in job creation for report is still the king of kings,’’ said Edwin Den- son, head of market strate- gy at Singer Partners LLC. ‘‘The labor market is still the indicator, that if it’s positive, would give peo- ple the most comfort.’’ Unemployment claims have still not fallen enough to suggest that widespread hiring is around the corner, but investors have taken solace in recent employ- ment news that suggest the economy will continue to grow slowly during the rest of the year. Traders con- cerned about the potential for the economy to slide back into recession drove stocks lower through most of August. ‘‘All we need is slightly August reported last week. Treasury prices and gold fell as investors found themselves with more appetite for risk. ‘‘The employment good news ... relative to expectations, and at this point expectations are rela- tively poor,’’ said Tyler Vernon, principal and port- folio manager at Biltmore Capital Advisors. dated volume was extremely low at 3.5 bil- lion shares. First-time claims for Stocks have rallied since the beginning of Sep- tember on the improving outlook for the economy, and have risen in six out of the past seven days. The Dow Jones indus- trial average rose 28.23, or 0.3 percent, to close at 10,415.24. The Dow had risen as much as 90 points earlier. The Standard & Poor’s 500 index rose 5.31, or 0.5 percent, to 1,104.18, while the Nasdaq composite index rose 7.33, or 0.3 per- cent, to 2,236.20. Rising stocks outpaced those that fell three to two on the New York Stock Exchange, where consoli- unemployment benefits fell to 451,000 last week, much better than the 470,000 expected by ana- lysts polled by Thomson Reuters. But that’s still well above the 400,000 level that economists say is a signal of strong econom- ic growth and job creation. Bond prices fell, send- ing the yield on the 10- year Treasury note up to 2.76 percent from 2.66 percent late Wednesday. That yield helps set interest rates on mortgages and other consumer loans. The Dow had already jumped 3.7 percent in Sep- tember heading into trad- ing Thursday. Stocks have climbed all but one day so far this month. Major indexes took a pause from the recent rally on Tues- day. Fears of a second recession ease up a bit, at least for now WASHINGTON (AP) — No, the economy isn’t roaring ahead. And no, companies aren’t making lots of job offers. But a fresh batch of economic data Thursday at least eased summertime fears that the economy might be on the brink of another recession. Far fewer people applied 1 9 9 4 for unemployment aid last week, suggesting layoffs are easing. And the nation’s trade deficit narrowed in July, thanks to a bigger appetite overseas for Amer- ican exports. Other recent data sup- port the notion that the economy, while growing only fitfully, is at least not in danger of stalling: — Hiring by private companies over the summer turned out to be better than expected. The pace still isn’t enough to bring down high unemployment, but it indi- cates economic expansion. — Stock prices have staged a September rally and put the Dow Jones 2 DAYS ONLY September 17th 2 0 1 Celebrating 16 years 0 & 18th Prime Rib Special $5.99 industrial average back about even for 2010. Stocks posted their sixth gain in the past seven days Thursday, a sign of rising investor confi- dence. — Drivers are benefiting from lower gas prices, which are expected to keep falling because the summer driving season has ended with plentiful supplies in storage. — Shoppers are enjoy- ing discounted prices in stores and have helped lift retail sales. Analysts think stores will continue to dis- count to get shoppers to spend this fall and for the holiday season. Analysts say they think the economy will continue to plod along in the coming months. The economy will grow, though too weakly to create many jobs for the nearly 15 million unem- ployed Americans. ‘‘At the moment, we can rule out a double-dip for the economy,’’ Chris Rupkey, Lunch Special 399 $ 4 to choose from! $ to 599 Served 11am-2pm Mon.-Fri. 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