Wall Street pared morning losses and ended modestly higher on Thursday as retail stocks took the lead after some of the nation’s major retail chains posted strong sales.The Dow Jones industrial average managed to extend its gain to the fourth consecutive day and setting new multi-year highs, with only four of its 30 components ending with losses.Major Timberland boots 6 inch indexes were lingering in negative territory during most of the session before rebounding in the final hour, as investors were cautious to push stocks higher at such lofty level amid concerns on Egyptian situation.The Labor Department said the number of people filing for first- time unemployment benefits eased more than expected last week, a positive sign before the government released its closely-watched monthly jobs report on Friday.
Data showed initial claims fell 42,000 to 415,000 in the week ended Jan. 29, while the four-week moving average edged up to 430, 500.Meanwhile, economic activity in the non-manufacturing sector grew in January for the 14th consecutive month, according to the Institute for Supply Management.The ISM said its non-manufacturing index rose to 59.4 last cheap timberlands month from 57.1 in December, the highest level in more than five years, while economists had been expecting a modest drop.The nonmanufacturing report follows closely on the heels of the ISM’s factory sector report, which shows the best expansion in activity since May 2004, amid job growth and rising price pressures.Also encouraging, the Commerce Department said on Thursday that U.S. factory goods orders climbed by 0.2 percent in December, contrasting economists’ forecast of a 0.5 percent decline.
However, Thursday’s gains were still checked. There were concerns among investors about the unrest in Egypt as the cheap timberland boots protest intensified in the country.When the stock market closed, the Dow Jones industrial average rose 20.29 points, or 0.17 percent, to 12,062.26. The Standard & Poor’s 500 index gained 3.07 points, or 0.24 percent, to 1,307.10 and the Nasdaq was up 4.32 points, or 0.16 percent, to 2,753.88.In other markets, crude oil price dipped on Thursday as the dollar surged against the euro and other major counterparts on positive economic data released in the United States.Light, sweet crude for March delivery fell 32 cents to 90.54 dollars a barrel on the New York Mercantile Exchange.