US stocks inch up in midday trading; T-Mobile up
NEW YORK (AP) — Stocks are higher on Wall Street as traders return from the Christmas holiday.
Investors were encouraged by a sharp drop last week in the number of Americans applying for unemployment benefits, the latest sign of improvement in the U.S. job market.
Bond prices fell, pushing long-term interest rates to the highest since September. The yield on the on the 10-year Treasury note rose to 3 percent.
The Dow Jones industrial average was up 68 points, or 0.4 percent, to 16,426 as of noon (1700 GMT) Thursday.
The Standard & Poor’s 500 index rose five points, or 0.3 percent, to 1,839. The Nasdaq composite rose 10 points, or 0.2 percent, to 4,165.
T-Mobile rose 1 percent on talk that Japan’s Softbank was considering buying the company.