Money Matters - Simplified

Markets post best gain of week

New York -- U.S. markets posted their best gain of the week Friday despite worry over Chinese and U.S. trade balance reports and a tighter monetary policy in Beijing.

At the close, the Dow Jones industrial average added 40.26 points or 0.35 percent to 11,410.30. Advancers topped decliners 1,938-1,076 on volume of 4.547 billion shares on the New York Stock Exchange.

The Standard & Poor's 500 index added 7.40 or 0.6 percent to 1,240.40. The Nasdaq composite index gained 20.87 or 0.8 percent to 2,637.54.

The benchmark 10-year treasury note fell to yield 3.32 percent.
The euro fell to $1.3227 from Thursday's $1.3243. Against the yen, the dollar rose to 83.943 yen from Thursday's 83.7 yen.

In Tokyo, the Nikkei 225 index lost 0.72 percent, 73.93, to 10,211.95.

In London, the FTSE 100 index added 0.09 percent, 4.99, to 5,812.95.

Chinese customs officials said imports rose 38 percent in November from a year ago while exports rose 35 percent.

The U.S. Bureau of Economic Analysis said the deficit in goods and services rose by $6.4 billion in October compared with October 2009, with exports up 14.9 percent and imports up 15.9 percent.

From September to October, the U.S. trade deficit dropped from $44.6 billion to $38.7 billion, the bureau said.

The People's Bank of China said it would raise the reserve requirement for banks by 0.5 percent, the sixth increase this year.

Copyright 2010 United Press International,

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