Stocks Struggled After Jobless Claims Data

U.S. stocks opened slightly lower on Thursday after the data showed bigger-than-expected jump in weekly jobless claims. The Dow Jones Industrial Average lately was up 3.14 points, or 0.02%, to 16,536.20. The S&P 500 added 1.99 points, or 0.11%, to 1,890.02. The Nasdaq Composite gained 10.71 points, or 0.26%, to 4,142.25.

Iniitial jobless claims jumped by 28,000 after hitting a seven-year low, but remained at a level
consistent with moderate labor market growth, according to government figures released Thursday. About 326,000 people filed for unemployment benefits for the first time last week, the Labor Department said.

Sears Holdings, owner of Sears and Kmart stores, is closing at least 80 stores this year, the company said Thursday, as losses at the struggling retailer continue to mount. In its first fiscal quarter, its net loss attributable to shareholders grew to $402 million, or $3.79 per diluted share. During the same period last year, the loss was $279 million, or $2.63.

Best Buy Co Inc forecast a fall in same-store sales in the current quarter and the next, saying
shoppers were spending less on consumer electronics and were waiting to buy new mobile phone models.

EBay Inc said that hackers raided its network three months ago, accessing some 145 million user records in what is poised to go down as one of the biggest data breaches in history, based on the number of accounts compromised.

A much-stronger-than-expected China manufacturing report sent Asian stocks rallying Thursday.  HSBC said the preliminary or “flash” version of its monthly Purchasing Managers’ Index headline number rose all the way to a five-month high of 49.7 from a final reading of 48.1 in April.