By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market searched for
direction in choppy trading session on Thursday, as investors
assessed a barrage of mixed economic reports and earnings
results.
Consumer spending and ISM reports were better than expected,
however, jobless claims and construction spending came in below
forecasts, weighing on markets.
The S&P 500 (SPX) was less than a points lower at 1,883.00.
The Dow Jones Industrial Average (DJI) shed 35 points, or 0.2%, to
16,544.40, after briefly topping Wednesday's record closing level.
The Nasdaq Composite (RIXF) was 11 points, or 0.3%, higher at
4,125.40.
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action.
A hint of "spring snapback" was present in consumer spending
data. Spending by American households accelerated in March, rising
by the most since August 2009, the Commerce Department reported
Thursday.
U.S. manufacturing companies expanded in April at the fastest
pace since the end of last year, a survey of executives found.
The number of people filing for state unemployment benefits rose
for the second straight week, the Labor Department reported
Thursday. Still, some economists dismissed it as a seasonality.
"This report screams 'Easter seasonal adjustments,' so we are
inclined to ignore it. What matters is where claims settle over the
next few weeks, as the Easter hit fades," wrote Ian Shepherdson,
chief economist at Pantheon Macroeconomics.
Outlays for U.S. construction projects rose 0.2% in March to a
seasonally adjusted annual rate of $942.5 billion, led by private
residential projects, the U.S. Commerce Department reported
Thursday.
The jobs report, the most important measure of the U.S. economy,
is scheduled to be released at 8:30 a.m. Eastern on Friday. Read:
What to look for in April U.S. jobs report.
In earnings news, shares of Yelp Inc. (YELP) rallied 11% after
the online-review company said after the closing bell on Wednesday
that revenue jumped to $76.4 million in the first quarter, from
$46.1 million.
Motorola Solutions Inc. (MSI) first-quarter net earnings came in
slightly below expectations, as sales dropped. The company also
projects revenue decline in the second quarter. Shares fell
2.7%.
Viacom Inc. (VIA) reported second-quarter profit ahead of
expectations and said it would buy the U.K.'s Channel 5
Broadcasting Ltd. for 450 million pounds ($761 million). Shares
slipped 1.5%.
ConocoPhillips (COP) said profit dropped in the first quarter,
but revenue rose. Shares were up 0.9%.
Weight Watchers International Inc. (WTW) shares jumped 19% after
the weight-loss company late Wednesday reported profit that topped
expectations.
In other financial markets, trading in Asia and Europe was muted
as most bourses were closed to observe the May Day holiday.
Although Shanghai's market wasn't trading, China released official
data showing manufacturing activity ticked up in April.
Gold prices fell (GCM4), while oil prices (CLM4) moved further
below the $100-a-barrel level.
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