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Overnight Markets: US stocks little changed ahead of jobs report

by Himanshu Singh on May 02, 2014 at 04:15

Overnight Markets: US stocks little changed ahead of jobs report

US stocks ended little changed on Thursday as data showed an increase in jobless claims before the government’s monthly labour report tomorrow, though gains in Internet shares helped lift the Nasdaq.

The Dow Jones industrial average fell 22 points or 0.13%, to 16,559, the S&P 500 ended flat at 1,884 and the Nasdaq Composite added 13 points or 0.31%, to 4,127.

Data yesterday showed applications for US unemployment benefits unexpectedly climbed to a nine-week high last week. A Labour Department report today may show employers added 215,000 workers in April, the most since November, according to economists’ projections.

In company news, General Motors (GM.N) shares gained 1.2% after US April car sales showed a rebound from the winter.

Facebook (FB.O), up 2.3%, and other Internet shares were among the day's best performers, helped by strong results from Yelp (YELP.N), whose shares gained 9.8%

Among other Internet gainers, TripAdvisor Inc (TRIP.O) added 3.4% while Amazon.com (AMZN.O) rose 1.2%.

After the bell, however, shares of LinkedIn (LNKD.N) fell 2.7% after it forecast 2014 revenue below analysts' expectations. Expedia (EXPE.O) shares dipped 1.5% even as its adjusted profit topped expectations.

During the regular session, the biggest drag on the S&P 500 was Exxon Mobil (XOM.N), which declined 1% despite reporting first-quarter earnings that exceeded expectations.

DirecTV Inc (DTV.O) rose 4.1% after the Wall Street Journal reported that AT&T Inc (T.N) had approached the company about a possible acquisition. Shares of AT&T dipped 0.3%.

Caterpillar surged 0.1% after the world’s largest maker of construction machinery said sales in that segment rose 20% in the first quarter while earnings tripled. IBM increased 0.7%.

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