The number of U.S. workers filing initial applications for unemployment benefits rose for the first time in a month last week, but stayed in the range that economists associate with an improving labour market.
Initial jobless claims rose by 14,000 to a seasonally adjusted 353,000 in the week that ended Jan. 3, the Labor Department said Thursday. That marked the first increase since the week of Dec. 6. Still, the four-week moving average, which smoothes out weekly fluctuations, fell by 5,000 to 350,250 — its lowest level in nearly three years.
There are no major economic release for Statistics Canada this morning.
Stocks may edge higher as investors look to the latest weekly data on unemployment for clues about Canadian and American December jobs reports due out Friday.
In Japan technology stocks led the Nikkei up 79.83 points, or 0.74%, to 10,837.65. In Hong Kong, shares edged up, helping the main index to hit a fresh 30-month closing high. The Hang Seng Index rose 45.91 points, or 0.4%, to 13,203.59.
In Europe at midday, London’s FTSE index is up 0.66%. Frankfurt’s DAX has climbed 1.15% and Paris’s CAC 40 is up 1.07%.
The European Central Bank left interest rates unchanged at 2% at its monthly meeting. The Bank of England left Britain’s benchmark interest rate unchanged at 3.75%.
There will be a few stocks to watch today. After the markets closed Wednesday, Research In Motion announced that it plans to sell up to 10.35 million shares for as much as US$695.9 million to fund growth and possibly acquire new technologies or other businesses. Magna International Inc. forecast a nearly 25% increase in sales this year.
As well, a couple of U.S. major retailers are reporting healtyh December sales. Wal-Mart said its same-store sales increased 4.3% in December, while overall sales increased 11%. J.C. Penney also saw 4.3% growth in sales at stores open at least a year, with particular strength in the days closest to Christmas.
On Wednesday, the S&P/TSX composite index slid 16.57 points to 8,388.53 despite a 6.4% bump in the information technology sector.
Stock in Nortel Networks soared on news that Verizon had picked it to accelerate the building of its Voice over Internet Protocol (VoIP) network.
Nortel shares gained $1.18 to close at $7.30 — a 52-week high — with more than 109.9 million shares traded.
The Dow Jones industrial average fell 9.63 points to 10,529.03. The Nasdaq composite index gained 20.31 points to 2,077.68. The S&P 500 index edged up 2.66 points at 1,126.33.