Dow up at early close

Wall Street made a modest advance in light Christmas Eve trading today after downbeat, but unsurprising, figures on US joblessness and consumer spending.

The Labour 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 reacted to the economic data with a shrug. Investors have largely been factoring in bad figures for the fourth quarter as companies and individuals adjusted to the slumping economy.

In very low volume trading, the Dow Jones industrial average ended the day up nearly 49 points at 8,468.

The market closed three hours early.