Investing.com – U.S. stocks trimmed gains on Thursday, as slightly worse-than-expected data on U.S. factory orders and private sector employment offset an upbeat weekly report on initial jobless claims.
During early U.S. trade, the Dow Jones Industrial Average was up 2.25%, the S&P 500 index rose 0.04% and the Nasdaq Composite index was up 0.25%.
Earlier in the day, data from the ADP data processing firm showed that U.S. private sector employers added fewer jobs in April. A separate report from the U.S. Labor Department, however, showed that the number of U.S. workers filing for unemployment benefits dropped faster than forecast last week.
Meanwhile, official data also showed that U.S. factory orders grew at a slower than expected rate in March, and a gauge of service industries in the United States was unchanged.
Across the Atlantic, stock markets in Europe also advanced: France’s CAC 40 was up 1.53%; Germany's DAX rose 1.33%; Britain's FTSE 100 was up 1.11%; and the EURO STOXX 50 rose 1.17%.
Later Wednesday, the chairman of the U.S. Federal Reserve, Ben Bernanke, was due to speak at an event in Detroit. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.
During early U.S. trade, the Dow Jones Industrial Average was up 2.25%, the S&P 500 index rose 0.04% and the Nasdaq Composite index was up 0.25%.
Earlier in the day, data from the ADP data processing firm showed that U.S. private sector employers added fewer jobs in April. A separate report from the U.S. Labor Department, however, showed that the number of U.S. workers filing for unemployment benefits dropped faster than forecast last week.
Meanwhile, official data also showed that U.S. factory orders grew at a slower than expected rate in March, and a gauge of service industries in the United States was unchanged.
Across the Atlantic, stock markets in Europe also advanced: France’s CAC 40 was up 1.53%; Germany's DAX rose 1.33%; Britain's FTSE 100 was up 1.11%; and the EURO STOXX 50 rose 1.17%.
Later Wednesday, the chairman of the U.S. Federal Reserve, Ben Bernanke, was due to speak at an event in Detroit. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.