By STEPHEN BERNARD
Stocks are narrowly mixed in early trading amid reports that showed weekly jobless claims dipped unexpectedly and housing starts grew at a slightly slower pace than anticipated.
Major indexes have steadily risen throughout the week on signs the economy is recovering and exiting a long-running recession.
The latest unemployment report Thursday showed new claims fell to 545,000 last week, the lowest level since early July.
Housing starts increased in August to their highest level in nine months, but a shade below expectations.
The Dow Jones industrial average is up 6.04, or 0.1 percent, at 9,797.75. The Standard & Poor's 500 index is down 0.72, or 0.1 percent, at 1,068.04, while the Nasdaq composite index is down 2.49, or 0.1 percent, at 2,130.66.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) _ Stock futures traded in a narrow range Thursday amid reports that showed weekly jobless claims dipped unexpectedly and housing starts grew at a slightly slower pace than anticipated.
Major indexes have steadily risen throughout the week on signs the economy is recovering and exiting a long-running recession. The latest unemployment and housing reports are continuing to show improvement on two key fronts considered necessary to a sustained recovery.
Overseas markets rose Thursday as investors globally are becoming more confident in an economic rebound worldwide.
The Labor Department said workers filing for jobless claims for the first time dipped to 545,000 last week from an upwardly revised 557,000 the previous week. Economists polled by Thomson Reuters were expecting claims to rise.
It was the lowest level of new claims since early July, indicating job cuts could be easing.
However, those continuing to file for claims increased to 6.2 million. Economists were expecting continuing claims to total about 6.1 million.
Just as the unemployment report showed some signs of improvement, so did monthly data on housing starts.
The Commerce Department said housing starts increased in August to their highest level in nine months amid a jump in apartment building. Housing starts rose 1.5 percent to an annual rate of 598,000 units last month, just below the 600,000-unit pace economists had forecast.
Building permit applications, a strong forecast of future activity, increased 2.7 percent to an annual rate of 579,000 units, just below the 580,000 projected by economists.
A collapsing housing market in 2007 _ with mortgage defaults rising sharply and home prices and sales tumbling _ was a key driver of the recession. Recent reports on the sector have shown the housing market is beginning to recover, which is considered one of the primary drivers needed for renewed growth.
While investors have typically reacted positively to signs of improvement in housing and jobs reports, traders have shown little conviction since the latest reports were released. Dow Jones industrial average futures rose 2, or less than 0.1 percent, to 9,788. Standard & Poor's 500 index futures slipped 0.90, or 0.1 percent, to 1,062.60, while Nasdaq 100 index futures fell 2.50, or 0.2 percent, to 1,715.25.
Major indexes rose again Wednesday after a strong report on industrial production raised hopes the economy is strengthening. The Federal Reserve said the nation's industrial output jumped 0.8 percent in August, the second consecutive month of improvement.
The Dow jumped 108 points to reach another high for the year. It was the Dow's eighth day of gains in the last nine sessions.
Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was flat at 3.48 percent compared with late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.12 percent from 0.09 percent late Wednesday.
The dollar was mixed against other major currencies, while gold prices fell.
Overseas, Japan's Nikkei stock average rose 1.7 percent. In afternoon trading, Britain's FTSE 100 rose 0.5 percent, Germany's DAX index gained 0.3 percent, and France's CAC-40 rose 0.3 percent.
Thursday 17 September 2009
Stocks mixed as trading opens
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