US stocks rebound amid economic reports

New York: US stocks traded higher on Thursday as investors pondered over a string of economic reports.

The Dow Jones Industrial Average rose 241.07 points, or 0.97 per cent, to 24,999.19. The S&P 500 increased 6.78 points, or 0.25 per cent, to 2,756.26, Xinhua news agency reported.

The Nasdaq Composite Index was up 11.70 points, or 0.16 per cent, to 7,508.51.

In the week ending March 10, the advance figure for seasonally adjusted initial claims was 226,000, a decrease of 4,000 from the previous week’s revised level, the US Labor Department said.

The four-week moving average was 221,500, a decrease of 750 from the previous week’s revised average.

In a separate report the department announced that US import prices increased 0.4 per cent in February, beating market consensus of 0.3 percent, while prices for US exports rose 0.2 per cent in February following a 0.8-per cent advance in the previous month.

On Wednesday, US stocks retreated further as concerns surrounding global trade continued to weigh on the market.