* P&G, AT&T fall after results, Caterpillar rallies
* Jobless claims rise far more than expected
* Qualcomm outlook boosts Nasdaq
* Indexes up; Dow 0.1 pct, S&P 0.2 pct, Nasdaq 0.4 pct
* For up-to-the-minute market news see [STXNEWS/US] (Updates with jobless claims)
By Ryan Vlastelica
NEW YORK, Jan 27 (Reuters) - The Dow and S&P were little changed on Thursday as disappointing labor market data offset strong results from Caterpillar, but a strong outlook from Qualcomm lifted the Nasdaq.
Initial jobless claims surged to 454,000 in the latest week, rising to the highest level since late October, the government said. For details, see [ID:nN27280337]
Three Dow components posted quarterly results, including
Procter & Gamble Co
"It is disconcerting that we can't seem to get and stay below the 400,000 level on jobless claims," said Paul Nolte, managing director at Dearborn Partners in Chicago. "But Caterpillar's numbers were strong overall and are a sign of improving conditions overseas."
AT&T and P&G shares fell as their profits slid from the year-ago period, and AT&T's wireless subscriber growth came in below consensus. AT&T dropped 2.6 percent to $27.96, while P&G lost 2.5 percent to $64.45. [ID:nN27164025] and [ID:nN27162385]
The Dow Jones industrial average <.DJI> was up 9.65 points, or 0.08 percent, at 11,995.09. The Standard & Poor's 500 Index <.SPX> was up 2.01 points, or 0.16 percent, at 1,298.64. The Nasdaq Composite Index <.IXIC> was up 9.55 points, or 0.35 percent, at 2,749.05.
Qualcomm Inc
Overseas, ratings agency Standard & Poor's cut Japan's long-term debt rating by one notch to AA minus, saying the government lacked a coherent plan to tackle its mounting debt. [ID:nL3E7CR0MQ]
In other economic news, new orders for U.S. manufactured goods fell unexpectedly in December, according to a Commerce Department report.
Also, contracts for pending sales of previously owned homes rose faster than expected in December, data from a real estate trade group indicated. Stocks briefly ticked higher on the news before returning to pre-data levels. [ID:nN27163484] (Editing by Jeffrey Benkoe)