Russell 2000 continues strong
The Russell 2000 (NYSE: IWM) continues to post strong gains, buoyed by news of upbeat economic data. At 2:09 p.m. ET, the small-cap index had climbed 12.38 points, or 1.65%, to 764.44. The Dow Jones Industrial Average (INDU) had advanced 188.75 points, or 1.42%, to 13,437.48.
Non-farm U.S. productivity increased at an annualized rate of 6.3% during the third quarter, according to revised numbers released by the Labor Department before the start of trading.
That’s above the initially reported increase of 4.9% and the largest productivity gain since the third quarter of 2003.
Meanwhile, the same report showed that unit labor costs, a measure of inflation, fell 2%, as productivity increased and hourly compensation was revised downward.
That means that the U.S. economy can grow without a rise in inflation.
Numbers released after the start of trading by the Institute for Supply Management showed that non-manufacturing sector business activity fell to 54.1 from 55.8 in November.
In other words, the non-manufacturing sector is expanding, but at a slower rate than before.
Elsewhere, the price of oil has increased $0.45 to $88.77 a barrel on news that the Organisation of Petroleum Exporting Countries will not move to raise supply.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• China Natural Resources Inc. (CHNR), up 56%.
• China Precision Steel, Inc. (CPSL), up 27% on news of a rise in first-quarter earnings.
• China Shenghuo Pharmaceutical Holdings, Inc. (KUN), up 23%.
Biggest percentage losers:
• Agria Corp. (GRO), down 15%.
• Cass Information Systems, Inc. (CASS) down 10%.
• Clean Energy Fuels Corp. (CLNE), down 11%.
