NEW YORK (AP) -- Stocks are modestly higher as investors find little in a series of economic reports to push the market higher after a four-day slide.þþThe modest gains follow a Labor Department report that the number of people filing for unemployment claims fell last week by 4,000 to 570,000. The market had been expecting a bigger drop.þþInvestors are anxious ahead of the government's August jobs report on Friday. Unemployment is seen as the biggest obstacle facing a recovery.þþAt midday, the Dow Jones industrial average is up 19 at 9,300. The Standard & Poor's 500 index is up 3 at 997. The Nasdaq composite index is up 4 at 1,971.þþTHIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.þþNEW YORK (AP) -- Stocks barely budged Thursday as investors found little in a series of economic reports to push the market higher after a four-day slide.þþThe Labor Department said the number of people filing for unemployment claims fell last week by 4,000 to 570,000. However, the market had been expecting a bigger drop to 560,000. The number of people continuing to receive benefits rose.þþInvestors have been eager for more insight on the labor market. Friday will bring the government's report on August job losses, the month's most telling piece of economic data. In July, job losses slowed and the unemployment rate unexpectedly fell. Investors are eager to see those trends continue.þþThe market is also sifting through a number of sales reports from retailers. Overall, sales are still weak, but many companies, including Target Corp., Costco Wholesale Corp. and Limited Brands Inc., beat expectations.þþA trade group's measure of service sector activity dropped in August at the slowest pace in 11 months.þþThe Institute for Supply Management said its service index, which covers hospitals, retailers, financial services companies and more, came in at 48.4 in August, from 46.4 in July. Economists polled by Thomson Reuters expected a reading of 48. A figure below 50 indicates the service sector is shrinking.þþLike services, recent reports on housing and manufacturing have improved, but unemployment, and the resulting clampdown on consumer spending, has left investors wary.þþConcerns that the economy is not healing fast enough, and that a six-month rally in stocks had gone too far have led to four days of losses in the stock market. The Dow Jones industrial average has lost 300 points, or 3.1 percent, over four days.þþ''We had a bit of reality catching up with expectations,'' said Bill Stone, chief investment strategist at PNC Wealth Management, referring to the recent selling. He expects the market to ''grind around'' while it waits for the unemployment report on Friday.þþIn late morning trading, the Dow rose 22.60, or 0.2 percent, to 9,303.27. The Standard & Poor's 500 index rose 3.48, or 0.4 percent, to 998.23, while the Nasdaq composite index rose 4.11, or 0.2 percent, to 1,971.18.þþThree stocks rose for every two that fell on the New York Stock Exchange, where volume came to a light 361.2 million shares compared with 457.1 million shares traded at the same point Wednesday.þþBond prices fell. The yield on the 10-year Treasury note rose to 3.34 percent from 3.31 percent late Wednesday.þþAnalysts say the dearth of market participants going in to the long Labor Day weekend has added to the market's choppiness.þþ''I wouldn't want to read too much into anything until we get into next week,'' said Alan Brown, group chief investment officer at Schroders in London, referring to the light trading volume.þþThe dollar fell against other major currencies, while gold prices extended their recent climb higher.þþLight, sweet crude rose 6 cents to $68.11 a barrel on the New York Mercantile Exchange.þþThe Russell 2000 index of smaller companies rose 0.10, or less than 0.1 percent, to 555.93.þþOverseas, Japan's Nikkei stock average fell 0.6 percent. In afternoon trading, Britain's FTSE 100 rose 0.2 percent, Germany's DAX index rose 0.4 percent, and France's CAC-40 inched up 0.1 percent.þþ
Source: NY Times
