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Wall St enjoys late rally despite weak jobs data

US stocks rose in a late rally yesterday, overcoming weak economic data that added to worries about a fragile recovery.

A spurt of buying momentum in a choppy session drove gains as US equities built on a break in the benchmark S&P 500 index above its 200-day moving average earlier this week.

The Dow Jones industrial average rose 24.71 points, or 0.24 per cent, to close at 10,434.17. The Standard & Poor’s 500 Index gained 1.43 points, or 0.13 per cent, to 1,116.04. The Nasdaq Composite Index climbed 1.23 points, or 0.05 per cent, to 2,307.16.

Prices for gold rose on a combination of safe-haven demand and the weaker US dollar. Crude oil prices fell on disappointing economic data.

A plunge in an index of factory activity in the US mid-Atlantic region in June to its lowest level since August 2009 added to worries that a tepid economic recovery is fizzling.

Higher than expected weekly claims for US jobless benefits and the largest drop in consumer prices in nearly one and a half years also weighed on US shares.