By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged higher on Thursday,
boosted by a pair of upbeat economic reports, which showed a
surprise drop in a number of people claiming unemployment benefits
and an uptick in retails sales in February.
The S&P 500 (SPX) ticked up 2 points, or 0.1% to
1,870.62.
The Dow Jones Industrial Average (DJI) added 38 points, or 0.2%,
to 16,377.77.
The Nasdaq Composite (RIXF) gained 4.6 points, or 0.1% to
4,328.16.
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While stocks reacted positively to upbeat economic data,
investors remain wary of China's economic slowdown as well as
ongoing tensions between Russia and Ukraine as Crimea is set to
vote on secession Sunday.
Still, a surprise drop in weekly jobless claims and a rise in
retails sales provided support to stocks. The number of people who
applied for U.S. unemployment benefits in the first week of March
fell to the lowest level in more than three months, perhaps a sign
of an uptick in labor-market conditions.
Sales at U.S. retailers rose in February for the first time in
three months as shoppers boosted purchases of a variety of goods
after being cooped up by one of the harshest winters in years.
A report on business inventories is due to be released at 10
a.m. Eastern.
Another focus for Wall Street will be the question-and-answer
session during a Senate hearing of three nominees to the Federal
Reserve. Those nominees released their written testimony on
Wednesday, and the most prominent, Stanley Fischer, said the Fed's
easy U.S. monetary stance is still needed. The Q&A will start
at 10 a.m. Eastern.
China slowing; Copper drops
Asian markets were mixed, with the Nikkei 225 index ending
slightly lower, and the Hang Seng Index falling 0.7% after data
showed China's industrial production slowed in the January-February
period, while retail sales in January eased.
The Shanghai Composite rose 1%. Some attributed this to comments
by Chinese Premier Li Keqiang, who said he was confident the
Chinese economy would meet its 7.5% growth goal for this year.
Gold (GCJ4) shifted moderately lower, but copper prices (HGK4),
under pressure this week due to China worries, were off another
3.3%.
The dollar strengthened against other currencies after
better-than-expected retails sales and jobless numbers. 10-year
Treasury yields ticked up.
Amazon rallies; Herbalife slumps
Shares in Amazon.com Inc (AMZN) rose 2.3% after the online
retailer said it would raise the annual price for its Prime
membership to $99 from $79.
Williams-Sonoma Inc. (WSM) jumped 7.1% after the retailer topped
forecasts with its quarterly earnings and revenue, as well as
announcing a hike in its dividend late Wednesday.
Plug Power(PLUGD) rose more than 16% after the fuel-cell company
topped a sales forecast in results on Thursday.
Herbalife Ltd. (HLF) fell 3.4% after the company announced an
investigation by regulators on Wednesday, a day after hedge-fund
manager accused it of violating Chinese regulation.
Dollar General Corp. (DG) shares fell 3.1% after posting a sales
rise, but an outlook that fell short of expectations.
Shares of Krispy Kreme Doughnuts (KKD) soared 2.6% after the
donut maker lifted its financial guidance for the current fiscal
year late Wednesday.
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