US stocks mostly gain on improving labor data

NEW YORK - Wall Street stocks finished mostly higher Thursday following solid US labor data as Republicans introduced an infrastructure package that somewhat narrowed the spending gulf with the White House.

New filings for US unemployment benefits slid lower for a fourth straight week, reaching a new pandemic low of 406,000, seasonally adjusted, the Department of Labor said.

Meanwhile, orders of big-ticket US manufactured goods fell in April, ending a streak of 11 months of increases with a 1.3 percent drop, according to government data.

Sentiment was boosted by a $928 billion infrastructure offer from Senate Republicans, which moves them somewhat closer to President Joe Biden's latest proposal, although significant differences remain between the parties.

The Business Roundtable said it was "encouraged," by the latest development, adding that "policymakers should seize the opportunity for bold, bipartisan infrastructure legislation."

The Dow Jones Industrial Average finished up 0.4 percent at 34,464.64.

The broad-based S&P 500 added 0.1 percent at 4,200.88, while the tech-rich Nasdaq Composite Index was essentially flat at 13,736.28.

Industrial companies had a good session, with Boeing winning 3.9 percent, Honeywell International 3.1 percent and Caterpillar 1.5 percent.

General Motors jumped 2.9 percent as it announced plans to restore car production at five plants affected by the semiconductor crunch. The company said the chip supply situation "continues to remain fluid globally."

AMC Entertainment surged 35.6 percent following another wave of buying by retail investors on social media, reviving a phenomenon seen earlier in the year with GameStop.

AFP