U.S. stocks rise amid increased jobless claims and mixed earnings reports

08:37, January 28, 2011      

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The U.S. stocks rose on Thursday amid more-than-expected claims for unemployment benefits and mixed corporate earnings reports.

According to the Labor Department, initial claims for state unemployment benefits jumped 51,000 to a seasonally adjusted 454, 000, the highest since late October. That was the largest weekly increase since September 2005.

The jobless claims rose because harsh weather conditions in some parts of the country kept workers at home and caused a backlog in the processing of claims.

The strong profits from the manufacturing sector offset the negative influence from the jobless claims. Companies including Caterpillar Inc, Tyco International Ltd and Eaton Corp posted strong sales and earnings, and investors were looking ahead to their full-year forecasts for signs that strong industrial demand would begin to affect the wider economy.

Time Warner Cable Inc. reported a 22-percent jump in income last quarter.

AT&T Inc. reported that new wireless contracts fell to the lowest level in more than five years.

Meanwhile, the U.S. government said on Thursday it will alter its borrowing strategy to buy some time before hitting the 14.3 trillion dollars debt ceiling.

Moreover, the National Association of Realtors Pending Home Sales Index, based on contracts signed in December, was up 2 percent to 93.7 from a downwardly revised reading of 91.9 in November.

The Dow Jones industrial average rose 4.39 points, or 0.04 percent, to 11,989.83. The Standard &Poor's 500 index increased 2. 91 points, or 0.22 percent, to 1,299.54 and the Nasdaq was up 15. 78 points, or 0.58 percent, to 2,755.28.

Source: Xinhua
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