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Jun 21, 6:05 PM EDT Stocks rise after strong economic data Latest Market News Stocks rise after strong economic data H&R Block Among Movers on Wall Street Surging Wall Street to eye housing data American Greetings profit nearly doubles H&R Block reports $85.6 million 4Q loss Circuit City has $54.6 million 1Q loss Slow going at Southwest Airlines Manpower: 29 pct. of firms to add jobs Latest Business News Blackstone IPO raises $4.13 billion Oil ends down as Nigeria worries ease U.S. economy to expand in coming months NEW YORK (AP) -- Stocks lurched higher after a back-and-forth session Thursday as investors apparently set aside some interest rate concerns and took a dose of upbeat economic data at face value. The Philadelphia Federal Reserve said regional manufacturing in June has had its strongest growth since April 2005. The bank's index of regional manufacturing activity jumped to 18 from 4.2 in May. But the report had little effect on the market although investors have been wary about any signs of economic strength that might lead the Federal Reserve to raise interest rates when its Open Market Committee meets next week. Investors, looking for a reason to buy back into the market, briefly pushed away their rate concerns, even though the yield on the benchmark 10-year Treasury rose to 5.20 percent from 5.15 late Wednesday. Oil, which had advanced amid concerns about a general strike in Nigeria, Africa's largest crude oil producer, reversed course Thursday. Light, sweet crude fell 21 cents to $68.65 per barrel on the New York Mercantile Exchange after nearing $70 early Thursday. "Things on a fundamental basis haven't changed all that much. The market just gets excited one way or the other," said Tom Higgins, chief economist at Payden & Rygel Investment Management, referring to even slight shifts, for example, in bond yields. "Now that things have stabilized, although we're at a higher level the market can move higher for the year, but there's going to be higher volatility along the way." The Dow Jones industrial average rose 56.42, or 0.42 percent, to 13,545.84 after dropping 146 points Wednesday. Broader stock indicators also rose. The Standard & Poor's 500 index rose 9.35, or 0.62 percent, to 1,522.19 and the Nasdaq composite index advanced 17.00, or 0.65 percent, to 2,616.96
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