Washington, DC: For the first time after recession struck America's economy and had a rippling effect across the globe, it seems to be showing signs of being on the mend.
After a meeting at the White House with members of his economic team, US President Barack Obama said the first signs of recovery were beginning to appear across the economy but that a lot of work still needs to be done.
Meanwhile, America's jobless claims fell by 20,000 to 6,54,000 in the week ended April 4, but the trade deficit in February stood at 26 billion dollars against 36.2 billion dollars in January.
The trade deficit in February narrowed to the lowest level in nine years. Also, the trade deficit shrank 28 per cent, biggest drop since October 1996. The imports dropped 5.1 per cent, leading to declines in deficits with Japan and China
Fuelled by optimism about the US government's plans to unfreeze the credit markets and positive global cues, the Indian stocks have continued their recent ascent.
The G20 group's move to spend $1 trillion for reviving the global economy also boosted market sentiment. Indian shares on Thursday extended their rally to the sixth straight session and fifth consecutive week.
The Sensex was up nearly one third from the March 9 levels. The Indian markets were shut on Friday on account of Good Friday.
On Monday, the Sensex lost 480 points and Nifty closed down 130 points. But they rose steadily through the week.
On Thursday, the Sensex gained 446 points to close at 10,349 while Nifty spurted 150 points to close at 3,211. In fact, Asian stocks also rose on falling American job claims and Japanese stimulus package.
The Nikkei gained 2.5 per cent on Friday, prompting Japanese investors to say spring has finally come. And the Dow closed more than 3 per cent up when US markets closed for the Easter weekend.