US Stock indexes gave up early losses

Thursday, 14 April 2011 07:05

US Stock indexes gave up early losses and moved higher Wednesday after a FED report offered encouraging news on the economy. Manufacturing, consumer spending and corporate hiring increased in all 12 regions.

Standard & Poor's 500 rose 0.25 point, or less than 0.1 %, to 1,314.41. The Dow Jones average rose 7.41, or 0.1 %, to 12,270.99. The Nasdaq gained 16.73, or 0.6 %, to 2,761.52.

Stocks had risen in early trading after the government reported that retail sales rose 0.4 percent overall in March. It was the ninth straight month of increases.

President Obama outlined a proposal to cut the nation's budget deficit by reducing spending on defense and the growth of Medicare spending, while raising taxes on high-earning Americans and cutting many tax loopholes.

Rising and falling shares were roughly even on the New York Stock Exchange. Consolidated volume came to 3.9 billion shares.