Trade Deficit, Good News | featured news

Stocks are edging higher in early trading on Wall Street after a report showed that the U.S. trade deficit narrowed sharply in December.

The number of Americans filing new claims for jobless benefits fell last week while the trade deficit in June was the smallest in 1-1/2 years, hopeful signs for the struggling economy.

The U.S. trade deficit shrank in May, as exports to places like China and Europe rose, defying concerns about a global economic slowdown. The Commerce Department said Wednesday that the trade deficit fell 3.8 percent to $48.7 billion in May, down from $50.6 billion in April.

The U.S. trade deficit narrowed in October to its lowest point of the year as Americans bought fewer foreign cars and imported less oil. Exports of American-made autos also fell.

Stock rose at open following data showing the U.S. trade deficit rose less than many economists expected. Ford fell 6.4%.