Stocks Edge Up, Jobless Claims Slip

U.S. stocks edged up at the open on Thursday, as U.S. jobless claims fell slightly in the second week of February. The Dow Jones Industrial Average lately gained 4.94 points, or 0.03%, to 16,045.50. The S&P 500 was up 0.51 point, or 0.03%, to 1,829.26. The Nasdaq Composite was down 2.25 points, or 0.05%, to 4,235.71.

The number of Americans filing new claims for unemployment benefits fell last week, indicating steady improvement in the job market. Initial claims for jobless claims benefits, a measure of layoffs, decreased by 3,000 to a seasonally adjusted 336,000 in the week ended Feb. 15.

An early reading of Chinese manufacturing activity in February, released Thursday, showed the sector at its weakest level in seven months. The HSBC/Markit “flash” version of its monthly China manufacturing Purchasing Managers’ Index dropped to 48.3, missing the median forecast for the index to stay at its final January level of 49.5.

TransCanada Corp. (TRP), the company proposing to build the Keystone XL oil pipeline, said fourth-quarter profit rose 37 percent as it increased output from nuclear and coal power plants in Canada. Net income climbed to C$420 million ($379 million), or 59 cents a share, from C$306 million, or 43 cents, a year earlier.

Wal-Mart Stores Inc forecast a lower full-year profit than analysts expect, as fewer food stamps, higher taxes and tighter credit erode its sales. The world’s largest retailer expects net sales growth this year to be at the lower end of its forecast range of 3 to 5 percent.

A deal by Facebook Inc. to acquire messaging service WhatsApp Inc. grabbed the market’s attention Thursday. Facebook (FB) said late Wednesday that it is paying the eye-popping price of $16 billion in cash and stock, plus $3 billion in restricted stock units over the next four years, to acquire WhatsApp, which allows users to send free text messages over the internet.