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Stocks Close With Advance In Light Trading

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Dec 24, 2008 1:30 pm US/Eastern

Stocks Close With Advance In Light Trading

Timeline: U.S. Credit Crunch & Financial Failures

View Market Summaries & Leading Stock Changes

NEW YORK (AP) ―

Click to enlarge 1 of 1: Traders work on the floor of the New York Stock Exchange moments after the opening bell December 12, 2008 in New York City.
Spencer Platt/Getty Images

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Wall Street has made a modest advance in light holiday trading Wednesday after downbeat, but unsurprising, readings on U.S. joblessness and consumer spending.

The Labor Department said initial applications for unemployment benefits rose to the highest level since November 1982. The Commerce Department reported declines in consumer spending and orders for durable goods.

Wall Street's reacted to Wednesday's economic data with a shrug. Investors have largely been factoring in bad numbers for the fourth quarter as companies and individuals adjusted to the slumping economy.

In very low volume trading, the Dow Jones industrial average is up nearly 49 points at 8,469. The market closed three hours early for Christmas Eve.