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Alcoa Inc reported a smaller-than-expected loss after the bell on Wednesday, setting a positive tone for the earnings season.
The number of newly laid-off workers requesting unemployment insurance fell by 52,000 to a seasonally-adjusted 565,000, the Labor Department said on Thursday. Even though new claims for jobless benefits fell more than expected last week, dipping below 600,000 for the first time since early January, the number of Americans seeking this safety net points to an economy that is still very weak.
Another government report showed that the wholesale inventories fell for a ninth consecutive month in May, as factories have been forced to slash production amid crimped demand.
However, many retailers including low-priced Costco Wholesale Corp. posted sharper-than-expected same-store sales declines in June, which triggered concerns about the back-to-school shopping season. The weak retail sales held back the market's gains.
Trading was choppy in light volumes for most of the day as investors remained cautious ahead of more corporate earnings reports in the coming weeks.
The Dow Jones industrial average gained 4.76 points, or 0.06 percent, to 8,183.17. The Standard & Poor's 500 index added 3.12 points, or 0.35 percent, to 882.68. The Nasdaq composite index rose 5.38 points, or 0.31 percent, to 1,752.55.
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