The Dow cracks 25,000 for the first time since May
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Gina Heeb
Jun 7, 2018, 01:32 IST
Getty Images / Spencer Platt
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Stocks rose Wednesday, with the Dow Jones industrial average cracking 25,000 for the first time since late May. The euro hit a two-week high against the dollar. US Treasury yields rose, holding just below 3%.
The US trade deficit hit a seven-month low in April. Record-high exports and a slight fall in imports shrunk the gap by 2.1%, the Commerce Department said, to $46.2 billion.
Productivity in the US grew at a slower pace in the first quarter than initially thought. Nonfarm worker productivity rose 0.4%, the Labor Department said, compared with previous estimates of 0.7%. Labor costs were up during the same period, a sign of potential inflationary pressure.
The European Central Bank is considering reining in its stimulus program. The euro and Treasury yields rose after officials said quantitative easing could wind down by the end of the year.
US crude inventories increased more than expected last week. The Energy Information Administration reported an increase of 2.1 million barrels in the week ending June 1, compared with analyst forecasts for a 2 million barrel drawdown.
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