Investing.com - U.S. stocks edged higher on Thursday, as sentiment improved after positive U.S. economic data while worries over whether Greece will receive a much needed bailout continued to weigh on investor confidence.
During early U.S. trade, the Dow Jones Industrial Average rose 0.43%, the S&P 500 index added 0.24%, while the Nasdaq Composite index advanced 0.22%.
Official data showed earlier that U.S. unemployment claims fell unexpectedly to their lowest level since March 2008 last week, falling to 348,000, confounding expectations for an increase to 364,000.
In a separate report, the U.S. Census Bureau said the number of building permits issued in January rose 0.7% to a seasonally adjusted 0.68 million, broadly in line with market expectations.
Data also showed that an index of manufacturing activity in the Philadelphia area rose more-than-expected in February, advancing to 10.2, above expectations for a rise to 9.0.
But investors remained cautious as European Union officials are believed to be looking at delaying all or part of Greece's bailout until after a general election in the country, which is expected to take place in April.
On the upside, General Motors saw shares surge 4.37% after posting its highest profit ever last year, although the automaker reported its quarterly results fell short of expectations.
Meanwhile, financial stocks were broadly lower after ratings agency Moody's warned that it may cut the credit ratings of 17 global and 114 European financial institutions, in another sign the impact of the euro zone debt crisis is spreading.
In the U.S., Moody's said it was reviewing the long-term ratings and standalone credit assessments of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The banks’ shares declined respectively by 0.77%, 1.32%, 0.96%, 0.32% and 3.11%.
Elsewhere, Apple shares tumbled 1.58% after the tech giant released a new version of its Macintosh operating system that incorporates various features from the software that powers the iPad maker's mobile devices.
Google also added to losses, slumping 1.21% as the Chinese commerce ministry said it was reviewing the company’s USD12.5 billion deal to buy Motorola Mobility, as part of routine anti-monopoly checks.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 0.54%, France’s CAC 40 dropped 0.19%, Germany's DAX retreated 0.36%, while Britain's FTSE 100 fell 0.25%.
During the Asian trading session, Hong Kong's Hang Seng Index fell 0.6%, while Japan’s Nikkei 225 Index shed 0.24%.
Also Thursday, data showed that U.S. core producer price inflation rose more-than-expected in January by 0.4%.
During early U.S. trade, the Dow Jones Industrial Average rose 0.43%, the S&P 500 index added 0.24%, while the Nasdaq Composite index advanced 0.22%.
Official data showed earlier that U.S. unemployment claims fell unexpectedly to their lowest level since March 2008 last week, falling to 348,000, confounding expectations for an increase to 364,000.
In a separate report, the U.S. Census Bureau said the number of building permits issued in January rose 0.7% to a seasonally adjusted 0.68 million, broadly in line with market expectations.
Data also showed that an index of manufacturing activity in the Philadelphia area rose more-than-expected in February, advancing to 10.2, above expectations for a rise to 9.0.
But investors remained cautious as European Union officials are believed to be looking at delaying all or part of Greece's bailout until after a general election in the country, which is expected to take place in April.
On the upside, General Motors saw shares surge 4.37% after posting its highest profit ever last year, although the automaker reported its quarterly results fell short of expectations.
Meanwhile, financial stocks were broadly lower after ratings agency Moody's warned that it may cut the credit ratings of 17 global and 114 European financial institutions, in another sign the impact of the euro zone debt crisis is spreading.
In the U.S., Moody's said it was reviewing the long-term ratings and standalone credit assessments of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The banks’ shares declined respectively by 0.77%, 1.32%, 0.96%, 0.32% and 3.11%.
Elsewhere, Apple shares tumbled 1.58% after the tech giant released a new version of its Macintosh operating system that incorporates various features from the software that powers the iPad maker's mobile devices.
Google also added to losses, slumping 1.21% as the Chinese commerce ministry said it was reviewing the company’s USD12.5 billion deal to buy Motorola Mobility, as part of routine anti-monopoly checks.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 0.54%, France’s CAC 40 dropped 0.19%, Germany's DAX retreated 0.36%, while Britain's FTSE 100 fell 0.25%.
During the Asian trading session, Hong Kong's Hang Seng Index fell 0.6%, while Japan’s Nikkei 225 Index shed 0.24%.
Also Thursday, data showed that U.S. core producer price inflation rose more-than-expected in January by 0.4%.