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THE NEW YORK REPORT

Stocks rose in light trading volume yestesrday, supported by data that pointed to stabilisation in the labour and housing markets, areas that have fed concerns about a &ldquo;double dip&rdquo; recession.<br /><br />Trading volume was among the lightest of the year one day before the Thanksgiving holiday, with many senior traders absent from trading floors. Even so, the Dow industrials and the S&amp;P 500 edged to fresh 13-month highs.<br /><br />Natural resource stocks got a lift from the weak dollar, which slumped to a 15-month low against a basket of currencies, partly because the better-than-expected data encouraged investors to look to assets with higher returns.<br /><br />New claims for jobless benefits fell sharply in the latest week, while sales of new US single-family homes rose in October to their highest level in a year. Investors have been concerned that the sluggish performance of these areas could push the economy back into recession.<br /><br />The Dow Jones industrial average&nbsp; gained 0.29 per cent, to end at 10,464.40. The Standard &amp; Poor&rsquo;s 500 Index&nbsp; rose&nbsp; 0.45 per cent, to 1,110.63. The Nasdaq Composite Index advanced&nbsp; or 0.32 per cent, to close at 2,176.05. US?Financial markets will be closed today to mark Thanksgiving. Tomorrow trading resumes, but the US stock market will close early at 1 pm (1800 GMT).