Stocks rise on fresh US data as Yellen clears another hurdle

Julian Harris
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THE DOW Jones ended above the psychologically-important 16,000 mark last night after investors were buoyed by news of falling US unemployment and an improving manufacturing sector.

The day’s economic data releases also revealed a second straight month of falling wholesale prices.

Meanwhile, Janet Yellen’s nomination to become the first woman to lead the Federal Reserve was waved through by the Senate banking committee. Its final hurdle will be a vote at the full Senate.

The US recovery appears to be on a firm footing, with initial claims for jobless benefits falling 21,000 last week, and a factory sector purchasing managers’ index hitting an eight-month high.