NEW YORK (Reuters) - Stocks edged higher on Thursday as data showing a drop in weekly jobless claims eased worries on the economy and investors bought beaten-down technology shares.
Limiting gains were declines in financial shares after a larger-than-expected loss by Merrill Lynch & Co Inc.
Shares of Microsoft Corp rose 1.1 percent to $33.59 after brokerage Goldman Sachs added the software maker's stock to its conviction buy list and said it expected a solid quarter for the company on strong growth in personal computers.
Jobless claims fell unexpectedly last week, and analysts said the data may have eased some U.S. recession fears. The fears have grown after signs of softness in employment and retail sales and some major corporations have reported weaker-than-expected financial results.
The Dow Jones industrial average was up 30.32 points, or 0.24 percent, at 12,496.48. The Standard & Poor's 500 Index
was up 1.70 points, or 0.12 percent, at 1,374.90. The Nasdaq Composite Index was up 14.23 points, or 0.59 percent, at 2,408.82.
Investors also were hopeful Federal Reserve Chairman Ben Bernanke might signal further interest rate cuts when he speaks later on Thursday.
Merrill, the world's largest brokerage, reported a quarterly net loss of $9.8 billion and write-downs and adjustments totaling about $16 billion. Its shares fell 3 percent to $52.95. The news underscored worries about the impact of mortgage problems on the financial sector and economy.
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