WASHINGTON (dpa-AFX) - Stocks moved mostly higher early in the trading session on Thursday but have once again come under pressure over the course of the day. The major averages have pulled back well off their best levels and into negative territory.
Currently, the major averages are posting modest losses. The Dow is down 2.03 points or less than a tenth of a percent at 37,751.28, the Nasdaq is down 44.35 points or 0.3 percent at 15,639.02 and the S&P 500 is down 6.80 points or 0.1 percent at 5,015.41.
The early strength on Wall Street partly reflected bargain hunting, as traders looked to pick up stocks at relatively reduced levels following recent weakness.
The Nasdaq and the S&P 500 have closed lower for four consecutive sessions, falling to their lowest levels in nearly two months.
However, as with other recent rebound attempts, buying interest has waned over the course of the session amid ongoing concerns about the outlook for interest rates.
A rebound by treasury yields may also be weighing on the markets, with the yield on the benchmark ten-year note bouncing back toward the five-month highs set on Tuesday.
On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits remained flat in the week ended April 13th.
The report said initial jobless claims came in at 212,000, unchanged from the previous week's revised level. Economists had expected jobless claims to rise to 215,000 from the 211,000 originally reported for the previous week.
A separate report released by the Philadelphia Federal Reserve showed growth in regional manufacturing has unexpectedly seen a considerable acceleration in the month of April.
The Philly Fed said its diffusion index for current general activity jumped to 15.5 in April from 3.2 in March, with a positive reading indicating growth. Economists had expected the index to edge down to 1.5.
Meanwhile, the National Association of Realtors released a report showing a sharp pullback by existing home sales in the U.S. in the month March.
NAR said existing home sales plunged by 4.3 percent to an annual rate of 4.19 million in March after surging by 9.5 percent to a rate of 4.38 million in February. Economists had expected existing home sales to slump to a rate of 4.20 million.
Sector News
Semiconductor stocks have come under pressure over the course of the session, dragging the Philadelphia Semiconductor Index down by 1.6 percent to a nearly two-month intraday low.
U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSM) have slumped by 5.0 percent even though the chipmaker reported better than expected first quarter results.
Considerable weakness has also emerged among biotechnology stocks, with the NYSE Arca Biotechnology Index falling by 1.1 percent to its lowest intraday level in well over four months.
Oil producer, software and computer hardware stocks have also moved to the downside on the day, while significant strength remains visible among airline stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Thursday. China's Shanghai Composite Index inched up by 0.1 percent and Japan's Nikkei 225 Index rose by 0.3 percent, while South Korea's Kospi surged by 2.0 percent.
The major European markets also moved to the upside on the day. While the French CAC 40 Index climbed by 0.5 percent, the U.K.'s FTSE 100 Index and the German DAX Index both rose by 0.4 percent.
In the bond market, treasuries have once again come under pressure following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.2 basis points at 4.647 percent.
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