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U.S. stocks modestly higher
Stocks made slight gains in New York Tuesday despite data that showed economies in Europe were flat in the second quarter.
Compared to the previous quarter the gross domestic product of both the 17-member eurozone and the larger European Union dropped 0.2 percent in March through June.
On a year-over-year basis, the eurozone”s economy shrank 0.4 percent in the past four quarters, while the larger EU saw a drop of 0.2 percent compared to the second quarter of 2011.
On the domestic front, the Bureau of Labor Statistics said prices producers received for their goods rose 0.3 percent in July after a marginal increase of 0.1 percent in June.
The gain beat predictions by 0.1 percentage points.
On Wall Street, the Dow Jones industrial average rebounded from Monday”s modest decline by adding 15.26 points to 13,184.69, up 0.12 percent. The Nasdaq Composite added 2.15 points to 3,024.67, up 0.07 percent. The Standard and Poor”s 500 gained 1.95 points to 1,406.06, up 0.14 percent.
The benchmark 10-year treasury fell 19/32 to yield 1.73 percent.
Against the euro, the dollar was $1.2332 from $1.2333 Monday. Against the yen, the dollar was 78.76 from 78.32 yen.
In Tokyo, the Nikkei closed at 8,929.88, up 44.73 points, or 0.5 percent.
In London, the FTSE 100 index added 0.56 percent, 32.90, to 5,864.78.
Copyright 2012 by United Press International