By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks wobbled in early trade on
Thursday, trading in a narrow range, as investors weighed strong
economic data from China and Japan against a batch of mixed
domestic reports including jobless claims and existing-home
sales.
The S&P 500 (SPX) was 3 points, or 0.2%, higher at 1,891.54.
The Dow Jones Industrial Average (DJI) dipped in and out of
negative territory and was last 4 points higher at 16,537.58. The
Nasdaq Composite (RIXF) added 8 points, or 0.2%, to 4,140.25.
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action.
Ahead of the market open, stock futures got a lift from strong
manufacturing data out of China and Japan, however, gains quickly
dissipated. Data on unemployment benefits weighed on sentiment. New
applications for unemployment benefits rose sharply in mid-May,
reversing a big drop earlier in the month that put initial claims
at a seven-year low.
Sales of existing homes rose 1.3% in April to a seasonally
adjusted annual rate of 4.65 million, the National Association of
Realtors reported Thursday, mostly in line with expectations.
The leading economic index for the U.S. ticked up in April to
101.4, the Conference Board said Thursday, while manufacturing
picked up to a 3-month high in May, according to the flash
purchasing managers index released by Markit on Thursday.
In earnings news, Best Buy (BBY) shares jumped 6.5% after the
retailer's adjusted first-quarter profit beat expectations.
Dollar Tree (DLTR) posted first-quarter results that were in
line with expectations. Shares rallied 7.9%.
After the market closes, Hewlett-Packard Co. (HPQ) and Gap Inc.
(GPS) are among companies set to report. Best Buy, Dollar Tree, H-P
are stocks to watch
Sears Holdings (SHLD) said it would close 80 stores this year as
its fiscal first-quarter loss widened amid falling revenue and weak
same-store sales. Shares fell 3.9%.
Shares of Williams Sonoma Inc. (WSM) rose 7.3% after the
kitchenware retailer late Tuesday reported a rise in its
first-quarter profit, beating forecasts.
European stocks got a boost from preliminary euro-zone PMI data
that confirmed business activity in the region continued to pick up
in May. In Asia, the Nikkei 225 index was the best-performing
market, up 2.1% after Markit released its first-ever preliminary
version of Japan's manufacturing index, which rose to a two-month
high of 49.9 in May.
Gold for June delivery (GCM4) added $10 to $1,299.0 an ounce,
while crude for July delivery (CLN4) eased and the dollar lost
ground against the euro (EURUSD) after that upbeat PMI data.
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