By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market wobbled in early
trade on Thursday after four consecutive days of gains which sent
the S&P 500 to record close for the 20th time this year.
The S&P 500 (SPX) hovered near record levels after scaling
intraday record in early trade. The benchmark was less than a point
higher at 1,959.40. The Dow Jones Industrial Average (DJI) was flat
at 16,904.86. The Nasdaq Composite (RIXF) was off 3 points, or
0.1%, at 4,360.43.
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Thursday's economic reports were all positive, showing a
consistent rebound in the economy. The weekly jobless claims
dropped by 6,000 to 312,000, as expected. With layoffs at very low
levels and more jobs available, the number of Americans seeking
unemployment benefits continues to hover near a post-recession
bottom.
The Philadelphia Fed's manufacturing index in June jumped to the
highest reading of activity since last September, topping forecast.
Separately, signaling that economic growth could pick up in coming
months, the leading economic index for the U.S. rose 0.5% in May to
101.7, the Conference Board said Thursday.
* Among individual stocks, shares of BlackBerry Ltd. jumped 13%
after the smartphone maker posted an unexpected net profit and its
adjusted quarterly loss was narrower than Wall Street had
projected. Kroger Co. rose 5.4% after the supermarket chain
reported better-than-expected first-quarter profit and sales.
Shares of American Apparel Inc. leapt 12% after the company's board
fired Chief Executive Officer Dov Charney. Penny-stock hopes fly
for American Apparel after CEO firedRed Hat Inc. shares rose 4.5%
after the software company's adjusted per-share earnings and
revenue for the first quarter beat expectations on Wednesday, when
it also agreed to acquire eNovance for about 70 million euros ($95
million). Pier 1 Imports Inc. shares fell 8.7% after the home-goods
retailer missed earnings estimates and lowered its full-year
earnings forecast.
* In overseas markets, Asian stocks closed mostly lower, with
the exception of Japan's Nikkei 225 index , which surged 1.6%.
European stocks also rallied on the Fed stance.
* Among commodities, crude and Brent oil prices continued to
climb on Thursday, as Iraqi government forces fought to regain
control of the country's largest oil refinery from Sunni
insurgents. Gold prices rose sharply. The dollar was nearly flat
versus the yen post-Fed.
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