Dollar Slips in Light Holiday Trading

Dollar slips vs euro, pound, yen in light holiday-week trading

The dollar fell against most major currencies in light holiday trading Wednesday after government data showed rising U.S. joblessness and declining consumer spending.
The 15-nation euro rose to $1.3999 in late New York trading, up from $1.3967 late Tuesday, while the British pound edged up to $1.4752 from $1.4735. The dollar fell to 90.39 Japanese yen from 90.68.

The Labor Department said Wednesday that initial applications for unemployment benefits rose more than anticipated to a seasonally adjusted 586,000 last week. That was the highest level since November 1982, though the work force has grown by about half since then.
Other reports were gloomy, but less grim than anticipated. The Commerce Department said consumer spending dropped 0.6 percent in November -- the fifth straight monthly drop -- and durable goods orders fell 1 percent in November.

The Dow Jones industrial average rose 48.99, or 0.58 percent, to 8,468.48, after falling for five straight sessions. Trading volumes were extremely low ahead of Christmas, and the markets closed early Wednesday at 1 p.m. Eastern time.
In other trading Wednesday, the dollar inched up to 1.2156 Canadian dollars from 1.2133 it bought Tuesday, and fell to 1.0740 Swiss francs from 1.0871.

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