Mar. 10, 2010 (United Press International) -- NEW YORK, March 10 (UPI) -- U.S. markets rose Wednesday with technology stocks leading the way for the second consecutive trading session. The Nasdaq composite index of tech-dominated stock rose 0.78 percent Wednesday, continuing a rally that began when Cisco Systems (NASDAQ:CSCO) announced Tuesday it had developed a powerful new Internet router. Markets found support Wednesday from an Organization of Petroleum Exporting Countries prediction that oil demand would increase by 900,000 barrels per day this year, an indication global economies were poised for growth. By close, the Dow Jones industrial average gained 2.95 points, 0.03 percent, to 10,567.33. The Standard & Poor's 500 index gained 0.45 percent, 5.16 points, to 1,145.61. The Nasdaq composite index rose 0.78 percent, 18.27 points, to 2,358.95. On the New York Stock Exchange, 2,040 shares advanced and 985 declined on a volume of 5.4 billion shares traded. The benchmark 10-year U.S. Treasury note fell 6/32 to yield 3.723 percent. The euro rose to $1.3655 from Tuesday's $1.36. Against the yen, the dollar rose to 90.46 yen from Tuesday's 89.98 yen. In Tokyo, the Nikkei 225 index lost 0.04 percent, 3.73, to 10,563.92. In London, the FTSE 100 index added 0.68 percent, 38.27, to 5,640.57. LANSING, Mich., March 10 (UPI) -- The state with the highest unemployment rate in the country, Michigan, added jobs in January, the state's Department of Labor said. Michigan, which the U.S. Department of Labor lists as having a 14.3 percent unemployment rate, added 11,000 jobs December to January, The Detroit News reported Wednesday. "It's small on a percentage basis, but the slight drop ... was due to the small gain in the number of people employed and the small drop in the number of unemployed," said Bruce Weaver, an economic analyst with the state. By contrast, the state lost 40,000 jobs in the first month of 2009. In total, 600,000 fewer were employed in January in Michigan than five years ago, when 4.7 million were employed in the state. The last month Michigan added jobs before January was November 2007, when it added 1,000 positions, but that month was an anomaly. The last significant swing upward in jobs was in January 2005 during a housing boom, the News said. The biggest jump in January was an increase of 10,000 manufacturing jobs, Weaver said. MOSCOW, March 10 (UPI) -- A Russian cash-for-clunkers program to spur vehicle trade-ins began this week, as part of an overall industry upgrade, Prime Minister Vladimir Putin said. "Our end goal is to build a modern auto industry in Russia, including the entire production chain -- from the steel sheet to the end product," Putin said in a statement. The program includes a 50,000 ruble subsidy -- about $1,700 -- for owners of trade-ins at least 10 years old if the owner buys a new car made in Russia, The Detroit Free Press reported. The program, part of a $20 billion long-term commitment to the industry, is expected to bump Russian car sales up by 200,000 vehicles this year. The second- and fourth-largest automobile makers in Russia, respectively, General Motors Co. and Ford Motor (NYSE:F PRS) (NYSE:F PRA) (NYSE:F) Corp, are expected to benefit from the program. Industry analysts at PricewaterhouseCoopers said the economic downturn in Russia was especially hard on the auto industry, as the Russian market was accelerating quickly just before the downturn hit and a large percentage of sales in Russia were imports. In 2009, 1.4 million vehicles were sold in the country, 56 percent less than 2008, PricewaterhouseCoopers said. NEW YORK, March 10 (UPI) -- U.S. airlines have launched the first serious sale involving the coming summer travel season, a price expert from Bestfares.com said. Tom Parsons, founder of Bestfares.com, said "the first big summer fare sale," is underway, USA Today reported Wednesday. However, it may take some searching to find the best fare and passengers may have to book flights 10 days or more in advance. But several airlines, including AirTran (NYSE:AAI) , US Airways (NYSE:LCC) , United, Delta (NYSE:DAL) and American are offering discounts, Parsons said. "The airlines are not going to give away every single seat at a cheap price. But this is the first big summer sale we've had, so there should still be plenty of room," he said. Low fares include round trip Orlando, Fla.,-to-Chicago flights for about $158 on Delta and Dallas-to-New York round trip faces for $174 on American Airlines (NYSE:AMR) , the newspaper said. "The unofficial motto" for the industry, AirTran spokesman Christopher White said, "is 'Match (the fare) or die.'"
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