The September rally marches on.
US stocks mostly drift higher yet again as confidence mounts that the economy isn’t headed for a double-dip recession. Tech and materials pace today’s small gains.
DJIA rises 22 to 10595, its second-straight rise. The blue-chip index is up six of the past seven trading sessions, 10 of the last 12 and is up 5.8% in September. S&P 500 drops 0.4 to 1125 and Nasdaq Comp rises 1.9 to 2303.
Jobless claims post a small drop to 450,000, but still haven’t shown any meaningful progress all year, which is what really matters. FedEx, considered a bellwether for the broader economy, drops 3.8% on cautious outlook and will cut 1,700 employees.
Meanwhile, Geithner urges China to boost value of yuan. Treasurys fall and euro rises against the dollar. But keep an eye on gold: The precious metal registers another new high.