By Chris Dieterich
U.S. stocks rose, with the S&P 500 inching toward an
intraday record, after a better-than-expected reading on the weekly
jobs.
The Dow Jones Industrial Average rose 31 points, or 0.2%, to
17002 in early trading. The S&P 500 added two points, or 0.1%,
to 1988.
The Nasdaq Composite Index added two points, or 0.1%, to 4528.
Stocks have rallied over the past week, pushing the S&P 500
back near record highs. The S&P 500 notched its third straight
day of gains on Wednesday, less than 0.1% below its record high of
1987.98, hit July 24. Stocks on Thursday rose after new
applications for unemployment benefits fell by 14,000 to 298,000
last week, slightly more than expected.
Trading volumes have been light as stocks have pushed higher in
recent days. Investors said they are closely attuned to Friday's
speech from Fed Chairwoman Janet Yellen at Jackson Hole, Wyo.
European Central Bank President Mario Draghi is also due to speak
on Friday.
Tyler Mordy, president and co-chief investment officer at
Toronto's Hahn Investment Stewards, which manages nearly $500
million in exchange-traded funds, said that the speech from Mr.
Draghi could have the greatest impact on the market.
"There is a greater element of surprise" from the ECB, Mr. Mordy
said. That is because the "policy arsenal" in Europe is broader,
while most expect the Fed to continue to gradually reduce its
stimulus efforts and begin to raise interest rates starting next
year.
Hints about policy from the central bankers on Friday could
determine the trajectory of global markets in the weeks ahead, he
said: "The burden of policy resides in the central banks."
On Wednesday, minutes from the July Fed meeting showed that some
officials believe that interest rates should be raised sooner than
the consensus estimates in the market. Hewlett-Packard added 2.6%
after the technology company's third-quarter profit beat analyst
estimates late Wednesday. United Parcel Service was flat after the
company said credit-card data may have been stolen from 51 UPS
Store locations across 24 states. Hormel Foods rose 3.4% after the
company's earnings jumped 21%, as the packaged-foods maker reported
strong profit gains and higher sales in its refrigerated-foods and
Jennie-O Turkey Store segments.
Write to Chris Dieterich at chris.dieterich@wsj.com