US stocks rise following mixed data

Wall Street stocks were somewhat higher in early trade on Thursday after mixed data for Europe and China and a report showed a surprisingly large rise in US jobless claims. About 35 minutes into trade, the Dow Jones Industrial Average advanced 2.92 points (0.02 per cent) to 16,535.98. The broad-based S&P 500 added 2.26 (0.12 per cent) at 1,890.29, while the tech-rich Nasdaq Composite Index rose 9.44 (0.23 per cent) to 4,140.98. Traders digested data showing a May drop in business activity in the eurozone and a pick-up in manufacturing in China in May that nevertheless left activity in the sector in contraction territory. The US Labour Department reported that initial jobless claims, a measure of the pace of layoffs, totaled 326,000 in the week ending May 17, a gain of 28,000 from the prior week. Analysts had expected 305,000 claims, according to AFP.