Stocks closed mostly higher in thin trading Thursday, ahead of Friday’s scheduled report on job growth and unemployment in September. The report is considered critical to the prospects for economic growth and interest rates in the next few months.
The Dow Jones industrial average added 6.26 points, to 13,974.31. Merck and United Technologies were major positive contributors to the Dow, while International Business Machines and Exxon Mobil lost ground.
Broader indexes posted slight increases as well. The Standard & Poor’s 500 index edged up 3.25, to 1542.84. The Nasdaq composite index added 4.14, to 2733.57. The Russell 2000 index of small-company stocks gained 3.00, to 829.15.
Winners outnumbered losers by a 5-3 ratio on the New York Stock Exchange and a 4-3 ratio among Nasdaq stocks. NYSE trading volume reached 1.10 billion shares. Nasdaq volume totaled 1.70 billion shares.
Treasury securities advanced, reflecting a rally in European government bonds and a bigger-than-expected drop in a monthly report of factory orders.
The dollar eased against major currencies, as traders speculated that Friday’s jobs report won’t alter expectations that the Federal Reserve will cut interest rates this month.
Crude oil prices resumed their rally in futures trading. The November contract rose $1.50 a barrel, to $81.44.
LOCAL NEWS: Shares of Chicago-based investment researcher Morningstar jumped $5.01, or 7.7 percent, to $69.68, on extraordinary trading volume of more than 450,000 shares. A company spokeswoman said Morningstar does not comment on its stock price. Morningstar is scheduled to report third-quarter results Nov. 1. The second-quarter report, which included a 64 percent profit rise, prompted a 20 percent surge in the share price on Aug. 2.
– Shares of Naperville-based communications equipment-maker Tellabs slipped 1 cent, to $9.58. The company estimated third-quarter revenue would be $452 million to $460 million, less that its July forecast of $500 million.
– Credit card operator Discover Financial Services added 67 cents, to $22.02. An analyst at Sandler O’Neill initiated research coverage of the stock with a “hold” rating.
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