By Kristina Peterson
U.S. stocks moved modestly higher Thursday, with the S&P 500
Index making a comeback after a two-day decline, as jobless claims
fell and Exxon Mobil Corp. joined the count of companies reporting
solid quarterly results.
Wall Street's somewhat tepid rise "fits with the general theme
that the markets are becoming more cautious again as we get to the
upper trading range on a great earnings season," said Bruce McCain,
chief investment strategist at Key Private Bank.
After snapping a four-day win streak Wednesday, the Dow Jones
Industrial Average (DJI) rose 35.57 points, or 0.3%, to 10,533.45,
with 26 of its 30 components rising, led by pharmaceutical giant
Pfizer Inc. (PFE), up 2%.
Also bolstering the Dow, shares of Exxon Mobil (XOM) added 0.4%
after the oil giant reported a near-doubling of second-quarter
income. .
The S&P 500 Index (SPX) gained 2.54 points, or 0.4%, to
1,108.67, with energy shares up the most and consumer staples
weighing.
Among the index's more noteworthy movers, shares of Citrix
Systems Inc. (CTXS) surged 14% after the provider of software and
equipment for computer business systems late Wednesday projected a
stronger-than-expected quarter and year.
In the financial sector, Ameriprise Financial Inc. (AMP) rallied
almost 10%. Late Wednesday, the investment manager reported a
near-tripling of profit in the second quarter.
On the downside, Akamai Technologies Inc. (AKAM) shares fell 10%
after the provider of services to online entertainment companies
offered a disappointing outlook. Akamai shares had climbed more
than 30% in the past three months on the belief that it would
profit from demand for online media.
After a brief dip into negative territory, the Nasdaq Composite
Index (RIXF) gained 1 point to 2,265.55.
Nearly two stocks advanced for every decliner on the New York
Stock Exchange, where volume totaled 208 million at 10:30 a.m.
Eastern.
Ahead of Wall Street's start, stock futures added slightly to
their earnings-inspired rise after the government said initial
claims for unemployment benefits fell modestly, with the count
slightly better than analysts had projected. .