US stocks mixed on upbeat data, Greek woes

NEW YORK: US stocks were mixed as markets opened on Thursday, as investors weighed a pair of positive economic reports from the United States against grim news from the eurozone.

The Dow Jones Industrial Average rose 13.47 points (0.11 percent) to 11,910.74 in the first half-hour of trading.

The broader S&P 500 index rose 2.09 points (0.17 percent) to 1,267.51, while the tech-heavy Nasdaq Composite fell 5.27 points (0.20 percent) to 2,626.19.

"Stocks pared losses in early action after some favorable data out of the US, with jobless claims falling more than expected, housing starts and building permits rising to a level that exceeded expectations," Charles Schwab analysts said.

Earlier, European stocks sank amid fears of a destabilizing default by Greece as the fiscally troubled Mediterranean country was shaken by political uncertainty and street protests.

"It seems certain that Greece will remain front and center for participants," predicted Patrick O'Hare of Briefing.com.

In the United States, new jobless claims fell to 414,000 on the week ending June 11, a decline of four percent from the previous week, the Labor Department said, though the overall level remained stubbornly high.

Meanwhile another report showed that US housing starts grew more than expected in May, rebounding 3.5 percent from April.

Bond prices rose on Thursday. The yield on the 10-year US Treasury note fell to 2.94 percent from 2.97 percent on Wednesday, while that on the 30-year bond dropped to 4.18 percent from 4.20 percent.

The price of the two-year Treasury note rose to a record high as investors flocked to the safety of short-term US government debt, with its yield dropping to 0.34 percent.

Bond prices and yields move in opposite directions.

Copyright AFP (Agence France-Presse), 2011