NEW YORK - Wall Street rose modestly in light holiday trading Wednesday, after the government released downbeat, but unsurprising, readings about rising joblessness and falling consumer spending.
But Wall Street's reaction to Wednesday's economic data was a shrug. Investors have largely been factoring in bad numbers for the fourth quarter as consumers adjust.
The Labor Department said initial applications for unemployment benefits rose more than anticipated, to a seasonally adjusted 586,000 last week. That was the highest level since November 1982, though the workforce has grown by about half since then.
And the Commerce Department said consumer spending dropped 0.6 percent in November -- the fifth monthly drop in a row -- and durable goods orders fell 1 percent.
The Dow Jones industrial average rose 48.99, or 0.58 percent, to 8,468.48 in the shortened session, after falling for five sessions in a row.
Broader stock indicators also gained. The Standard & Poor's 500 index futures was up 4.99, or 0.58 percent, to 868.15, and the Nasdaq composite index added 3.36, or 0.22 percent, to 1,524.90.
ASSOCIATED PRESS
