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4B Daily News – Friday, June 17, 2011 Home building, jobs reports push Dow higher NEW YORK (AP) — Better- than-expected reports on home building and jobs pushed two of the three major stock indexes higher Thursday. The broader market ended mixed. The pace of new home con- struction quickened last month and the number of people who applied for unemployment bene- fits fell last week to 414,000, more of an improvement than economists expected. Weekly applications for unemployment have been over 400,000 since April, a rate that suggests job growth is still slow. Worries that Greece’s debt troubles could spread continued to weigh on financial markets. The dollar and U.S government bonds rose as traders moved money into safer investments. The Dow Jones industrial average gained 64.25 points, or 0.5 percent, to close at 11,961.52. The Dow is now slightly higher for the week. The S&P 500 rose 2.22, or 0.2 percent, to 1,267.64. The Nasdaq composite lost 7.76, or 0.3 per- cent, to 2,623.70. The two are less than 1 percent lower this week. The yield on the 10-year Trea- sury note fell to 2.92 percent, the lowest since November, from 2.97 percent late Wednesday. Bond yields fall when prices rise. Home Depot Inc. rose 1.8 per- cent following the better than expected report on home con- struction and an upgrade by ana- lysts. Kroger Co. rose 4.5 percent after the supermarket chain’s earnings rose as shoppers paid more for groceries and gas. Win- nebago Industries Inc. tumbled 20 percent after the motor home company said profits sank nearly 80 percent in its last quarter. Not all the economic news was positive. A survey by the Federal Reserve Bank of Philadelphia found that manu- facturing slowed in that region, one day after a similar report found that manufacturing was slowing in the New York area. A series of weaker economic indi- cators over the past two months have led some analysts to trim their expectations for the year. Investors are now starting to expect negative economic news, said Uri Landesdman, president of Platinum Partners, an invest- ment manager in New York. That dulls the impact of each down- ward sign, he said. ‘‘There’s still a feeling out there that even though economic data has been incrementally terri- ble, businesses are still cooking,’’ Landesman said. He also cau- tioned that the market could con- tinue to slide until the next batch of corporate earnings reports, which start to come out in mid- July. Overseas markets dipped for a second day because of fears that Greece will be forced to default on its bonds, an event that could trigger another financial crisis. The Euro Stoxx 50, an index of blue chip companies in countries that use the euro, fell 0.5 percent. Benchmark indexes in Japan and China each closed with losses of more than 1.5 percent. U.S. stocks have fallen for six straight weeks because of rising concerns that the economy isn’t as strong as previously thought. If the S&P 500 closes down this week, it would mark the longest losing streak since the index dropped for eight straight weeks in early 2001 as the dot-com bubble was imploding. High gas prices and a reces- sion in Japan following its earth- quake and nuclear disaster have combined to slow business and consumer spending. The S&P index is down nearly 7 percent since hitting its high for the year on April 29. Falling stocks outpaced rising ones by a small margin on the New York Stock Exchange. Con- solidated trading volume was 4.1 billion shares. Pandora’s stock retreats in value to below its IPO price SAN FRANCISCO (AP) — Buyer’s remorse already may be setting in for some investors in Inter- net radio station Pandora Media Inc. After intense demand drove up the price for Pan- dora’s initial public offer- ing of stock, the shares lost nearly a quarter of their value their second day of trading. Thursday’s harsh rever- sal of fortune left Pandora’s stock below its IPO price of $16. The shares fell $4.16, or 24 percent, to close at $13.26. The downturn indicates the earlier euphoria about Pandora Media may have been misguided. The excitement enabled Pando- ra Media’s IPO to sell for twice as much as an $8 tar- get price set two weeks ago. The misgivings are bad news for investors who paid as much as $26 on Pandora’s first day of trad- ing. But the circumspection is encouraging for those worried about an invest- ment bubble forming around promising Internet services that have attracted large audiences. Pandora boasts 94 mil- lion users looking for a dif- ferent kind of radio station. The company, based in Oakland, Calif., streams music over high-speed Internet connections and relies on computer formu- las to tailor individual songs for listeners. The approach hasn’t been profitable yet, one reason some analysts thought Pandora had been overvalued in its IPO. The company has lost a total of $92 million during its 11- year history. 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