Stock indices on Wall Street had gained a thin, though still shadowed by the high crude oil prices. Investors responded positively to the economic data that gives a signal to accept the high price of oil.
The movement of stock indices on Wall Street quite volatile in trading yesterday. Brent oil had penetrated the highest point above the U.S. $ 117 per barrel before finally receding. Brent oil closed up 93 cents to U.S. $ 116.35 per barrel.
"The shock wave of the beginning (of the spike in oil prices) has gone and we realize that the world economy was fine, our economy is fine. There happened balance each other," said Joseph Benanti, managing director at Rosenblatt Securities, was quoted as saying by Reuters Thursday (03/03/2011).
In trading Wednesday (03/02/2011), the Dow Jones closed rose 8.78 points (0.07%) to the level 12066.80. The broader Standard & Poor's 500 also rose 2.11 points (0.16%) to a level of 1308.44 and the Nasdaq rose 10.66 points (0.39%) to a level of 2748.07.
But the trading volume is not too large, transactions on the New York Stock Exchange amounted to only 7.69 billion shares, below the daily average so far this year which amounted to 8.47 billion shares.
Quite positive economic data, from the Federal Reserve's Beige Book showed the economy was stretched during the 2011 and private survey showed strong demand for the private sector.
Shares of Apple managed to boost the Nasdaq after chief executive Steve Jobs surprised investors by appearing in person at the launch of new iPad in San Francisco. Shares of Apple rose to 0.8% to as low as U.S. $ 352.12.
Meanwhile, Yahoo Inc. shares rose to 3.3%. Yahoo is in talks to release its cooperation in Japan in order to compete with Google Inc. and Facebook.
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