Shares go up Claudia Sonea

It might be a short term joy, but let us cheer with Wall Street after the Labor Department revealed a 33,000 drop in claims for unemployment benefits and Ford Motor Co.'s $100 million profit in the first-quarter. Investors seem gloomy and optimistic; therefore the stock market was marked by an increase in share’s price. At the good humor of Wall Street contributed the ignoring of the Commerce Department's report (home sales at the lowest level in 16 years), of a future drop in the demand for manufactured goods, the rising of the dollar to a level way above many other major currencies and the fall in oil and commodities price. The bad omen on the housing market came as no surprise and didn’t create panic among investors who despite of the holding back at the start of the day closed trading with the following results: Dow Jones rose 85.73 points, the Standard & Poor's 500 index registered an increase of 8.89 points, while the Nasdaq composite index got to 2,428.92. It was for the first time after many months that on the New York Stock Exchange advancing issues surpassed the declining ones. The dollar rose causing the oil and gold prices to drop and eased investors concerns. Nothing should disturb the joy up to now; however, the Commerce Department gave bad news on the housing market, on the demand for durable like cars and computers. Also Amazon and Starbucks announced a drop in revenue for them this period. Luckily enough Ford had big profits due to Europe and South America that compensated the U.S. economy. Investors are still unsure and the situation of high share pries could change any day now.

related story: http://news.yahoo.com/s/ap/20080424/ap_on_bi_st_ma_re/wall_street;_ylt=AgouOxV7mkM5dyQeiZ1w.dKs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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