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Roundup: U.S. stocks keep rising ahead of key jobs report

Xinhua, March 4, 2016 Adjust font size:

U.S. stocks continued to rally Thursday, as investors awaited Friday's key jobs report, while digesting newly-released economic data.

The Dow Jones Industrial Average rose 44.58 points, or 0.26 percent, to 16,943.90. The S&P 500 added 6.95 points, or 0.35 percent, to 1,993.40. The Nasdaq Composite Index edged up 4.00 points, or 0.09 percent, to 4,707.42.

The U.S. non-manufacturing index registered 53.4 percent in February, down from the January reading of 53.5 percent, the Institute Supply Management (ISM) reported Thursday.

"While the ISM non-manufacturing index held relatively steady in February, dropping three-tenths less than expected, growth in the service sector continued to soften this month," said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.

Meanwhile, in the week ending Feb. 27, the advance figure for seasonally adjusted initial claims was 278,000, an increase of 6,000 from the previous week's unrevised level and beating market estimates, according to the U.S. Labor Department Thursday.

Traders were looking to the non-farm payrolls report and more hints on future monetary policy at the U.S. Federal Reserve's March meeting.

Overseas, Chinese stocks extended their winning streak for a third day Thursday, as market confidence was boosted by the previous two-day rally. The benchmark Shanghai Composite Index edged up 0.35 percent to close at 2,859.76 points.

European equities ended lower Thursday. German benchmark DAX index at Frankfurt Stock Exchange fell 0.25 percent, while British benchmark FTSE 100 Index inched down 0.27 percent.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, decreased 2.28 percent to end at 16.70 on Thursday.

In other markets, oil prices fluctuated after three-day's rally on hopes that the oil market is bottom up.

The West Texas Intermediate for April delivery down 0.26 percent to settle at 34.57 U.S. dollars a barrel on the New York Mercantile Exchange.

The U.S. dollar decreased against most major currencies as economic data from the country came out negative overall.

In late New York trading, the euro rose to 1.0955 dollars from 1.0866 dollars in the previous session, while the dollar bought 113.62 Japanese yen, higher than 113.46 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange rose as U.S. equities fell in the early trading despite positive U.S. data.

The most active gold contract for April delivery rose 16.4 dollars, or 1.32 percent, to settle at 1,258.20 dollars per ounce. Endit