Investor Faith Leads to Stock Gains

Finally, a good day for U.S. stocks. The blue-chip Dow rose 4.7 percent, buoyed by news that the number of Americans claiming jobless benefits hit a four-month low last week. Unfortunately, the hopeful report also comes with a surprise increase in the trade deficit to $53.1 billion, the widest since October 2008. This could cause the second-quarter annual growth rate to be estimated lower. The NASDAQ rose, due in part to Cisco Systems' 16.5 percent gain.The U.S. dollar and the euro rose more than 6 percent against the Swiss franc after reports that Switzerland would take drastic measures to weaken its currency.