US stocks edged higher on Friday thanks to gains in the financial sector, upstaging a rise in monthly unemployment and a record rate of home foreclosures, dpa reported. Shares of investment bank Lehman Brothers Holdings Inc improved nearly 7 per cent on reports it may sell some of its assets in order to raise capital. Financial shares improved overall amid speculation the Federal Reserve would hold off raising rates at its next meeting. The unemployment rate rose from 5.7 to 6.1 per cent in August and an estimated 84,000 jobs were lost, the eighth straight month of fewer jobs in the slowing US economy, the Labour Department said. The number of new mortgage holders entering foreclosure in the second quarter stood at 1.19 per cent of all US mortgages, the Mortgage Bankers Association said, the first time the rate has topped 1 per cent in the 29-year-history of the association's record keeping. The blue-chip Dow Jones Industrial Average climbed 32.73 points, or 0.29 per cent, to 11,220.96. The broad-based Standard & Poor's 500 Index was up 5.48 points, or 0.44 per cent, to 1,242.31. The technology-heavy Nasdaq Composite Index slid 3.16 points, or 0.14 per cent, to 2,255.88. The US currency was virtually unchanged at 70.09 euro cents from 70.10 euro cents on Thursday. The dollar climbed against the Japanese currency to 107.73 yen from 106.48 yen on Thursday. Gold fell to 802.80 from 803.20 dollars per fine ounce on Thursday.
