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Stocks gain on encouraging news on the economy

Published: Thursday, June 27, 2013 3:35 p.m. CDT • Updated: Friday, June 28, 2013 12:03 a.m. CDT
Caption
(AP file)
In this Tuesday, May 28, 2013, file photo, trader William McInerney works on the floor of the New York Stock Exchange. Global stock markets were mostly higher Thursday June 27, 2013 after the U.S. said quarterly growth may be weaker than expected, raising investors' hopes that the Federal Reserve would delay plans to wind down its stimulus program.

NEW YORK – Stocks are closing higher on Wall Street after investors got a double dose of good news about the U.S. economy.

The Dow Jones industrial average rose 114 points, or 0.8 percent, to close at 15,024 Thursday. It was the third straight triple-digit gain for the Dow. The Dow is still down slightly for the month.

The Standard & Poor's 500 index was up nine points, or 0.6 percent, at 1,613.

The Nasdaq rose 25 points, or 0.8 percent, to 3,401.

Consumer spending rose last month as incomes increased. Claims for unemployment benefits fell last week.

The yield on the 10-year Treasury note fell to 2.48 percent.

Five stocks rose for every one that fell on the New York Stock Exchange. Volume was lighter than average, 3.3 billion shares.

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