A canceled BP Plc (NYSE: BP) dividend, bad news on jobs and manufacturing reports and possibility that BP might be attempting to secure a line of credit weren’t enough to keep the Dow Jones Industrial Average down on Thursday. It closed at 10,434.17 up 24.56 points from Wednesday. BP itself wasn’t so lucky, closing down—although only by a fraction of a point.
European markets closed up again on Thursday as news of aggressive economic changes, including France’s decision to raise their retirement age and loosened labor rules in Spain, bolstered investor’s faith in Europe’s ability to recover from their economic woes. Asian markets were mostly down as labor disputes and worker strikes continue.
Back in the U.S. reports showed that while the economy is still growing and inflation is being avoided, the amount of jobs available is not increasing which means there is economic growth and recovery for some—but not all. For most of the day, investors seemed to be wallowing in the bad news and the Dow was down, but about 30 minutes before close the Dow jumped from 10,347 to its closing number 10,434.
The Nasdaq managed a 1.23 point gain to close at 2,307.16 and the S&P 500 rose 1.43 points to close at 1,116.04.
