US stocks mixed on jobless, inflation data

WASHINGTON—US stock markets were mixed Thursday amid higher than expected jobless claims and further evidence of rising inflation.

New claims for US unemployment benefits rose unexpectedly, to 412,000 last week, an increase of 27,000 from the previous week.

That was above the 400,000 level which many economists believe signifies job growth.

The Labor Department said the jump in claims was thanks to a cyclical trend that is normal to see towards the end of a quarter, but markets were only partly consoled by that reading.

“Given the underlying downward trend we are inclined to see it as a one-time fluke, though we will be happier if we see a clear reversal next week,” said Ian Shepherdson of High Frequency Economics.

Meanwhile, producer prices rose slightly less than expected in March, but still offered evidence that energy costs could trim growth.

The Dow Jones Industrial Average rose 14.16 points (0.12 percent) to 12,285.15, after a late rally.

Meanwhile, the broader S&P 500 was up 0.11 points (0.01 percent) at 1,314.52.

The tech-heavy Nasdaq Composite fell 1.30 points (0.05 percent) to 2,760.22.

Shares in Ford were hit by news the company will be forced to recall more than one million of its F-150 pick-up trucks.

Ford was down 1.1 percent.

RIMs US shares also fell, down 1.7 percent after its PlayBook tablet was panned by the critics.

The bond market was also mixed. The yield on the 10-year Treasury rose to 3.50 percent, down from 3.47 percent on Wednesday. Meanwhile, they yield on the 30-year bond stood at pat at 4.55 percent.

Bond prices and yields move in opposite directions.