Dow climbs at the open but broader stock market kicks off Thursday's trade under pressure
U.S. stock benchmarks were mixed Thursday morning, with the Dow industrials posting modest gains while the broader market was under pressure, after August retail sales showed an unexpected rise and a measure of activity in the Philadelphia Federal Reserve district came in stronger than expected. The Dow Jones Industrial Average rose 0.3% at 34,909, the S&P 500 index declined less than 0.1%, while the Nasdaq Composite Index was down 0.3% at 15,120. August retail sales rose 0.7%, defying forecasts for a 0.7% fall. Excluding autos, sales jumped 1.8%, compared with expectations for a rise of 0.2%. Meanwhile, Philadelphia Fed's activity index, which jumped to 30.7 in September from 19.4 a month earlier. At the same time, data showed first-time claims for unemployment benefits rose more than expected in the week ending Sept. 11, though continuing claims fell.
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