By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market drifted in and
out of positive territory on Thursday, as investors focused on
Federal Reserve Chairwoman Janet Yellen's testimony before the
Senate Banking Committee.
Earlier investors weighed a surprise jump in weekly jobless
claims against a smaller-than-expected drop in durable-goods
orders.
The S&P 500 (SPX) was up less than a point at 1,846.47,
trying to push through a key technical level of 1,850 for the
fourth session in a row.
The Dow Jones Industrial Average (DJI) added 13 points, or 0.1%
to 16,210.28.
The Nasdaq Composite (RIXF) rose 7 points, or 0.2% to
4,299.80.
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"This market seems to be driven by technical levels, rather than
data. If we push through the 1,850, then we will go higher. But if
we stay below that market for the next few days, then markets will
head south and we will test 1,750," said Uri Landesman, president
of Platinum Partners.
"If Yellen does not help the markets, then the bulls are in
trouble," he added.
In economic news, the number of people applying for unemployment
benefits rose last week to match the highest level of 2014,
suggesting that progress in a gradually recovering U.S. labor
market has slackened off. However, the average of new claims over
the past month, usually a more reliable gauge than the up-and-down
weekly number, was unchanged at 338,250.
A slowdown in orders over the past few months by American
manufacturers was reflected in the durable-goods orders reading for
January, however the drop was less than forecast. Orders for U.S.
durable goods fell 1.0% in January as demand tapered off for most
big-ticket items except military hardware, the government said
Thursday. Economists surveyed by MarketWatch had expected orders to
fall 2.5%.
In corporate news, Best Buy Co Inc. (BBY) shares jumped 7.4%
after the retailer said it swung to a fourth-quarter profit,
beating forecasts.
J.C. Penney Co. (JCP) jumped 22%, after making gains late
Wednesday on better-than-expected results.
Mylan Inc. (MYL) shares gained 6.6%, after the pharmaceutical
company on Thursday reported fourth-quarter profit above analysts
forecasts.
First Solar Inc. (FSLR) shares climbed 6.2%, recovering some of
the solar panel maker's sharp losses on Wednesday after its
fourth-quarter earnings fell short of expectations.
Sears Holdings Corp. (SHLD) rose 5.6% after the retailer said
its losses narrowed compared with the same period a year ago.
Nonetheless, U.S. same-store sales fell 6.4%.
Pacific Ethanol Inc. (PEIXD) rallied 26% after the low-carbon
renewable-fuel company reported that it swung to a profit in the
fourth quarter.
Transocean Ltd. (RIG) shares slid 2.5% after the offshore oil
driller on Wednesday said its fourth-quarter earnings fell to 64
cents a share from $1.26 a share earlier.
Valero Energy Corp. (VLO) shares dropped 2.4%. Analysts at
Credit Suisse on Wednesday lowered the rating on Valero Energy
Partners (VLP) to neutral from outperform.
Overseas, Asian markets were mixed and European stocks fell.
Gold prices rose as political turmoil in Ukraine prompted
safe-haven buying.
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