U.S. stock market closed up; the Dow Jones industrial average rose 93.01 points, or 0.75%, to end at 12,553.97 points; the Nasdaq composite index climbed 27.4 points, to close at 2,858.42 points, up 0.97% and the Standard and poor’s 500 index was up 10.63 points, or 0.81%, to finish at 1,325.62 points. The Dow Jones industrial average closed 3.6% higher this week and the Nasdaq composite index ended 4% up, recording the biggest weekly gain since 2012.
The April U.S. trade deficit data was worse-than-expected. The U.S. Department of Commerce announced that the U.S. trade deficit was $50.1 billion in April. According to the survey of Bloomberg, economists on average had projected this figure would be $49.3 billion. The U.S. trade deficit was $51.8 billion in March.
The April U.S. wholesale inventory data was higher-than-expected. The U.S. Department of Commerce announced that the wholesale inventories rose 0.6% month-on-month in April. According to the survey of Bloomberg, economists on average had projected this figure would be 0.5%. The U.S. wholesale inventory rose 0.3% month-on-month in March.
U.S. President Barack Obama urged Congress to pass the legislative proposals to boost the labour market. He said that Europe is facing a new round of recession. Europe has to stabilize the financial system and achieve economic growth as well as create jobs. Greece should stay in the euro zone. What the United States is able to do now is to create jobs. European crisis spreads to the United States and the United States will make every effort to help Europe.