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U.S. stocks edge higher after employment data; Dow Jones up 0.19%

Published 09/05/2013, 09:41 AM
Updated 09/05/2013, 09:41 AM

Investing.com - U.S. stocks were little changed on Thursday, after the release of mixed U.S. employment reports, as investors turned to Friday’s U.S. nonfarm payrolls report for more hints on whether the Federal Reserve will begin to taper its stimulus program this month.

During early U.S. trade, the Dow Jones Industrial Average added 0.19%, the S&P 500 index rose 0.26%, while the Nasdaq Composite index gained 0.28%.

The Department of Labor said the number of people filing for initial jobless benefits in the week ending August 30 fell by 9,000 to a seasonally adjusted 323,000, compared to forecasts for a decline of 2,000.

The data came after an ADP report showing that 176,000 jobs were created in the U.S. private sector in August, less than the expected 180,000 increase, after a downwardly revised 198,000 rise the previous month.

In a revised report, the Bureau of Labor Statistics said the nonfarm productivity rose 2.3% in the second quarter, disappointing expectations for an increase of 1.5%, after a 0.9% rise in the three months to March.

Groupon was one of the top performers, with shares soaring 5.97%, after Morgan Stanley raised its rating on the daily-deal site to "overweight" from "equalweight."

Wholesale retailer Costco was also on the upside, surging 2.11%, after posting August same-store sales that exceeded market estimates, despite lower fuel costs and weak foreign exchange rates.

In the tech sector, Apple added 0.09% amid reports the company maker could offer a low-cost handset when it introduces its updated iPhone on September 10. Such a move would help seal a deal with China Mobile, which currently has 63% of the country’s 1.19 billion wireless accounts.

Blackberry saw shares rally 2.79% after saying its sale cold be wrapped up as soon as November.

Earlier in the day, Samsung Electronics set the price of its Galaxy Gear at USD299, unveiling a wristwatch device that can make phone calls, surf the Web and take photos.

Elsewhere, Delta Air Lines climbed 0.49% after it purchased 40 Airbus jet planes for USD5.6 billion, in a move to refresh the most-diverse fleet of any U.S. carrier.

Other stocks likely to be in focus included Conn's, the only U.S. company scheduled to report second-quarter earnings later in the day.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 rose 0.27%, France’s CAC 40 climbed 0.44%, Germany's DAX added 0.25%, while Britain's FTSE 100 gained 0.64%.

During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.22%, while Japan’s Nikkei 225 Index eased up 0.08%.

Investors remained cautious after the U.S. Senate's Foreign Relations Committee approved a resolution on authorizing limited U.S. military intervention in Syria. The full Senate is expected to vote on military action on September 9.

Later in the day, the ISM was to release data on non-manufacturing activity in the U.S.


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