Stocks Gained after Data, Earnings

U.S. stocks were rising in early trading on Thursday, after the government reported initial jobless claims rose 10,000 to 418,000 last week and Morgan Stanley reported better-than-expected earnings results. The Dow Jones Industrial Average lately climbed 94.15 points to 12,666.06. The Standard & Poor’s 500 Index gained 11.25 points to 1,337.09. The Nasdaq Composite slid 10.48 points to 2,824.71.

The number of Americans filing new claims for unemployment benefits rose more than expected last week, pointing to a labor market that is struggling to regain momentum. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said on Thursday.

Morgan Stanley stunned investors with better-than-expected second-quarter results, outperforming Goldman Sachs and other rivals as it gained market share in tough trading conditions. The bank reported a quarterly loss of 38 cents per share, weighed down by a big one-time charge and a weak trading environment that swept across Wall Street. But the loss was much smaller than analysts expected. The average Wall Street forecast was a loss of 62 cents a share, according to Thomson Reuters I/B/E/S.

Google Inc is introducing a credit card for its advertising customers, offering its clients a credit line to try and drum up business as competition in the online ad market heats up. Google is offering the card to select U.S. clients with what it calls a competitive interest rate, an ample credit line and no annual fee.

 

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