US stocks move higher during early trade, volatile oil prices capping gains
|Major US equity indices moved higher during opening hour of trade on Thursday, shrugging off yet another disappointment from the US economic data.
Data released from the US showed initial jobless claims rose by 10K to 244K for the week ended April 14. Separately, the Philly Fed manufacturing index fell more-than-expected in April, pointing to slowing growth in the manufacturing sector after a post-election surge.
Meanwhile, volatile oil prices, with WTI crude oil reversing tepid recovery move and adding on previous session's sharp fall, weighed on energy stocks and seems to have put a lid on the up-move.
Moreover, rising geopolitical tensions, with the US looking for ways to pressurize N. Korea over its nuclear program, continues to weigh on investors' sentiment and might collaborate towards capping any near-term sharp appreciating move.
At the time of writing, the Dow Jones Industrial Average advanced over 50-points to 20,457, while broader S&P 500 Index gained 6-points and rose to 2,344. Meanwhile, tech-heavy Nasdaq Composite Index continued with its outperformance and added 23-points to 5,885.
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