– National
Stocks inched higher in light trading Thursday after government data indicated that the economy was growing at a slower pace, raising investors’ hopes that moderating economic growth might halt the Federal Reserve’s streak of interest rate hikes. The yield on the 10-year Treasury bill rose above 5 percent for the first time since 2002.
According to preliminary calculations, the Dow Jones industrial average rose 7.68, or 0.07 percent, to 11,137.65. The Standard & Poor’s 500 index rose 1.00, or 0.08 percent, to 1,289.12 and the Nasdaq composite index rose 11.43, or 0.49 percent, to 2,326.11. The yield on the 10-year Treasury note rose to 5.05 percent from 4.98 percent late Wednesday.
*
Read the full Associated Press story
.
– Local
Among top local movers was Napster Inc., which was rated “buy” in new coverage by ThinkEquity Partners analyst Darren Aftahi, and rose 11.6 percent to $4.44. Crown Media Holdings Inc. increased 8 percent to $5.80 and MannKind Corp. gained 4.7 percent to $20.44. IHOP Corp., which announced that system-wide same-store sales increased 5.1 percent in the first quarter, closed up 0.39 percent to $46.38.
Down for the day was Clearant Inc., dropping 8 percent to $1.12. Enova Systems Inc. fell 6.5 percent to $4.30 and North American Scientific Inc. lost 3.2 percent to close at $2.12. Mattel Inc., whose proxy indicated that Chief Executive Bob Eckert’s compensation was cut 45 percent in 2005 as profits fell, ended the day down 0.17 percent to $17.20.
