NEW YORK, May 12 (UPI) — U.S. markets closed with strong gains Wednesday despite an unexpected rise in the country’s trade deficit.
The Bureau of Economic Analysis said the trade deficit in March reached $40.4 billion, higher than the forecast which called for a rise to $38.8 billion from February’s $38.7 billion.
Across the Atlantic, Eurostat said the gross domestic product in the 27-nation European Union rose a sluggish 0.2 percent in the first quarter.
U.S. markets still added points. By close, the Dow Jones industrial average added 148.65 points, or 1.38 percent, to 10,896.91. The Standard & Poor’s 500 index gained 15.88 points, or 1.37 percent, to 1,171.67. The Nasdaq composite index was up 49.71 points, or 2.09 percent, to 2,425.02.
On the New York Stock Exchange, 2,661 stocks advanced and 437 declined on a volume of 5.2 billion shares traded.
The benchmark 10-year U.S. Treasury note fell 11/32 to yield 3.571 percent.
The euro fell to $1.2618 from Tuesday’s $1.2683. Against the yen, the dollar rose to 93.21 yen from Tuesday’s 92.76 yen.
In Japan, the Nikkei 225 index fell 0.16 percent, 17.07, to 10,394.03.
In Britain, the FTSE 100 index rose 0.92 percent, 49.24, to 5,383.45.
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Tags: Gains, Markets Close, Strong Gains
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