Business
US Stocks In Narrow Range After Price, Jobs Data
United States Stocks are trading in a narrow range Thursday after a fresh batch of economic reports showed the economy continues to slowly regain its strength.
The slightly positive reports on inflation, jobless claims and leading indicators are being tempered by fresh concerns about debt problems in Greece.
The reports continue to paint a picture that the domestic economy is slowly improving. Stocks have steadily edged higher over the past five weeks on similar news, even though the data hasn’t shown signs of strong growth.
“The market has been grinding higher on what has been benignly positive news,” said Alan Gayle, senior investment strategist for RidgeWorth Investments. “There is a growing sense the economy is plodding along in the right direction.”
In late morning trading, the Dow Jones Industrial average rose 17.31, or 0.2 percent, to 10,750.98. The Standard & Poor’s 500 index fell 1.49, or 0.1 percent, to 1,164.72, while the Nasdaq composite index fell 0.74, or less than 0.1 percent, to 2,388.35.
The Dow is looking to close higher for the eighth straight day.
The Labour Department said the Consumer Price Index was unchanged in February. Excluding volatile energy and food prices, the CPI rose 0.1 percent. Economists polled by Thomson Reuters, on average, forecast a rise of 0.1 percent in both figures.
The slow economic recovery and continued high unemployment have kept prices in check.
It was the second straight day the Labour Department reported tame inflation figures. On Wednesday the government reported that wholesale prices barely rose in February.
The Federal Reserve has said inflation is expected to remain low for quite some time. That will allow the central bank to keep interest rates low to help try and drive economic growth. Low rates are also favorable for stocks and other riskier investments like commodities.
Gains over the past couple of days came after the Fed said it would keep its federal funds rate near zero and noted the economy is showing more signs of improvement.
High unemployment is likely to be the biggest stumbling block for strong, sustained growth. The Fed isn’t expected to start hiking rates until job creation is consistent.
The Labour Department also said Thursday that initial jobless claims fell by 5,000 to a seasonally adjusted 457,000 last week. Economists were expecting claims to fall to 455,000.
Even though it came up just short of expectations, it was the third straight week of declines, which provide evidence that layoffs are slowing and employers could start hiring new workers soon.
Initial claims have hovered around the 450,000 mark in recent weeks, which Gayle called a “tipping point” between employers adding or cutting jobs.
In other reports, a gauge of future economic activity rose at its slowest pace in 11 months, indicating the economy isn’t expected to surge anytime soon. The Conference Board’s index of leading indicators rose 0.1 percent in February, matching analysts’ expectations.
Economic data has largely been falling in line with expectations in recent weeks, leaving little room for quick gains or losses on very upbeat or discouraging reports. Stocks have been grinding higher over the past five weeks, with the Dow up about 825 points during that time. The S&P 500 and Nasdaq both closed Wednesday at their highest levels since 2008.
Thursday’s economic reports are being offset somewhat by the latest worries in Greece. The country warned it might turn to the International Monetary Fund for support if European leaders can’t agree to a bailout plan next week.
Worries about Greece’s debt have weighed on the market off and on for nearly two months as the country tries to sort out billions of dollars in budgetary gaps. Overseas markets were mixed.
“That’s why you’re seeing a little bit of resistance,” Greg Merlino, president of Ameriway Financial Services, said about Greece. “Whenever we hear Greece, we get this knee-jerk reaction, is this the first domino to fall?”
There are concerns debt problems could spill over to other weak European countries like Spain and Portugal. The dollar rose against the euro and other currencies.
In corporate news, FedEx Corp. said its fiscal third-quarter profit more than doubled. It also raised its full-year earnings forecast, which brought it in line with analysts’ expectations.
FedEx is considered a bellwether for the economy because of the variety of products it ships. Despite the upbeat earnings report, shares fell 44 cents to $89.36.
About five stocks rose for every four that fell on the New York Stock Exchange, where volume came to 220.5 million shares, compared with 264.1 million traded at the same point Wednesday.
Bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.65 percent from 3.64 percent late Wednesday.
Gold and oil both fell.
The Russell 2000 index of smaller companies fell 0.20, or less than 0.1 percent, to 683.78.
Overseas, Japan’s Nikkei stock average fell 1 percent. Britain’s FTSE 100 rose 0.1 percent, Germany’s DAX index rose 0.1 percent, and France’s CAC-40 gained 0.1 percent.
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.
