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The Honolulu Advertiser
Posted on: Friday, April 16, 2010

Sobering jobless report slows stocks' rise

Associated Press

NEW YORK An encouraging earnings forecast from UPS and stronger manufacturing figures gave the stock market its sixth straight advance.

The gains yesterday were modest following a surprise increase in the number of newly laid-off people seeking unemployment benefits.

Analysts said a slowdown in the market's upward push was overdue. The Dow Jones industrial average rose 21 points after racing up nearly 104 on Wednesday.

UPS Inc.'s forecast it raised its full-year earnings target increased hopes the economy is strengthening. As the world's largest shipping company, UPS' results are seen as an early indicator of overall business activity.