(MENAFN- ProactiveInvestors) U.S. stocks advanced as downbeat economic data fostered the view that an interest rate increase would come only later in the year.
The S&P 500 (INDEXSP:.INX) added 0.3 percent to 2132 at 3:40 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.1 percent to 18298 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 0.4 percent to 5093.
Data today showed that jobless claims rose more than expected last week although the underlying trend continued to point to a rapidly tightening labor market.
Another report showed a surprise decline in home resales in April and persistent weakness in manufacturing in May.
officials have all but ruled out a rate hike next month. Investors now await Fed Chair Janet Yellen's speech on Friday for new clues about when the central bank will begin raising interest rates for the first time since 2006.
MOVERS:
() jumped 4.1 percent to $35.17 after the largest U.S. consumer electronics chain reported profit that surpassed market expectations in its fiscal first quarter helped by strong demand for smartphones and large-screen TVs.
CVS Health () gained 2.3 percent to $103.64 as the second-largest U.S. drugstore operator said today that it will buy () the top U.S. provider of pharmacy services to the elderly for $10.1 billion to expand in the growing market serving the senior patient population. added 1.8 percent to $96.31.
() jumped 3.4 percent to $74.25 after the cloud-computing company reported adjusted earnings of $0.16 per share compare with the analyst consensus of $0.14 per share.
() tumbled 11.4 percent to $31.30 after earnings from the storage and data-management company fell short of Wall Street expectations.
Qualcomm () rose 1.2 percent to $70.08 as the wireless technology provider entered accelerated share buyback agreements with two financial institutions for $5 billion of its common stock.
() added 0.6 percent to $78.40 after the e-commerce retailer reported quarterly profit of $0.44 per share $0.04 above estimates.
Lumber Liquidators (NYSE:LL) stumbled 16 percent to $21.24 after saying chief executive officer Robert Lynch resigned unexpectedly as the hardwood-flooring company continues to face pressure over the safety of its products. The stock has lost 68 percent this year.
() advanced 3.4 percent to $78.84 after giving a muted outlook for its current quarter while saying it expects its deal to buy to close in July.
() gained 4.3 percent to $20.08 after reaching a settlement from Plc on issues related to the 2010 disaster in the Gulf of Mexico.
COMMODITIES:
Gold for June delivery on Comex shed 0.4 percent to settle at $1204.10 an ounce.
U.S. crude closed up 3 percent at $60.72 a barrel.
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