Stocks Slightly Higher amid Earnings, Data

U.S. stocks were slightly higher in the early trading on Thursday as contrasting earnings and economic data dominated headlines. The Dow Jones Industrial Average lately rose 27.76 points, or 0.16%, to 17,895.34. The S&P 500 was up 2.95 points, or 0.14%, to 2,105.26. The Nasdaq Composite added 6.02 points, or 0.12%, to 5,148.50.

The number of Americans who applied for unemployment benefits at the end of October rose sharply to match the highest level in two months. Initial jobless claims in the period running from Oct. 25 to Oct. 31 shot up by 16,000 to a seasonally adjusted 276,000, the government said Thursday.

U.S. nonfarm productivity unexpectedly rose in the third quarter as a decline in self-employed workers contributed to overall hours worked falling for the first time in six years. The Labor Department said on Thursday that productivity increased at a 1.6 percent annual rate.

Mortgage giant Fannie Mae reported net income of $2 billion for the July-September period, down from $3.9 billion a year earlier. Freddie reported Tuesday a $475 million net loss for the third quarter, also due to losses on derivatives.

A leading indicator of sentiment in the oil markets – the CBOE Crude Oil Volatility Index closed at 41.54 on Wednesday. Though down from the mid 50s in July, it has been above 30 for much of the year

Ralph Lauren Corp. (RL) said it had net income of $160 million, or $1.86 per share, in its fiscal second quarter, down from $201 million, or $2.25 per share, the previous year. Second-quarter revenue totaled $1.97 billion, down from $1.99 billion the previous year.

Kate Spade swung to a better-than-expected profit in its latest quarter as the retailer’s move to de- emphasize the handbag continues to pay off. Overall, Kate Spade reported a profit of $2.3 million, or 2 cents a share, up from a loss of $9.13 million, or 7 cents, a year earlier. Revenue increased to $277.3 million from $250.4 million.