U.S. stocks higher after positive data; Dow Jones up 0.01%
Published Apr 25, 2013 09:51AM ET
Investing.com - U.S. stocks opened higher on Thursday, after the release of upbeat U.S. jobless data, while investors eyed a fresh batch of earnings reports to be released throughout the session.
During early U.S. trade, the Dow Jones Industrial Average inched 0.01% higher, the S&P 500 index edged up 0.23%, while the Nasdaq Composite index climbed 0.59%.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 16,000 to a seasonally adjusted 339,000, last week compared to expectations for a decrease of 4,000 to 351,000.
Jobless claims for the preceding week were revised up to 355,000 from a previously reported increase of 352,000.
Among earnings, United Parcel Service jumped 1.46% after the package delivery company reported earnings that topped forecasts, thanks to improvement in ground and export shipments.
On the downside, oil and gas major ExxonMobil tumbled 1.08%, even as it reported quarterly earnings and revenue that topped market expectations.
Adding to losses, 3M plunged 2.76% after the conglomerate missed profit and revenue expectations and slashed its 2013 earnings forecast, due to weakening demand and foreign currency fluctuations.
In the financial sector, stocks were broadly higher. Shares in Citigroup added 0.21% and Goldman Sachs climbed 0.47%, while JP Morgan and Bank of America rallied 0.99% and 1.22% respectively.
In company news, Verizon Communications jumped 1.99% amid reports the company hired advisers to prepare a possible USD100 billion cash and stock bid to take full control of Verizon Wireless from joint venture partner Vodafone Group.
Other stocks in focus included Starbucks, Amazon, Expedia, Baidu and Coinstar, scheduled to post earnings after the closing bell.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 dropped 0.48%, France’s CAC 40 slid 0.35%, Germany's DAX added 0.33%, while Britain's FTSE 100 edged down 0.08%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 0.98%, while Japan’s Nikkei 225 Index gained 0.6%.
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Written By: Investing.com
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