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U.S. stocks narrowly fluctuate amid upbeat data, mixed earnings

Xinhua, January 30, 2015 Adjust font size:

U.S. stocks wavered between gains and losses in a tight range in the morning session Thursday, as investors were pondering over the implications of strong jobless data and mixed quarterly earnings.

At midday, the Dow Jones Industrial Average rose 68.75 points, or 0.40 percent, to 17,260.12. The S&P 500 edged up 1.50 points, or 0.07 percent, to 2,003.66. The Nasdaq Composite Index lost 6.35 points, or 0.14 percent, to 4,631.64.

In the week ending Jan. 24, the advance figure for seasonally adjusted initial jobless claims dropped by 43,000 to 265,000, hitting the lowest level since April 15, 2000, said U.S. Labor Department. But some analysts warned that it might be due to holidays and weather.

On corporate news, shares of Alibaba tanked more than 9 percent around midday Thursday after the Chinese e-commerce tycoon reported quarterly revenue short of market estimates. The company' s quarterly revenue was increased by 40 percent to 4.2 billion U.S. dollars, while its quarterly net income showed a decrease of 28 percent.

"The main reason (of the plunge) is that the take-rate from Taobao and Tmall was worse than investors expected, and the pressure on take-rate is to continue as more consumers use mobile to make transaction," said Henry Guo, senior research analyst at JG Capital.

Ford Motor said Thursday its fourth-quarter net income plummeted to 52 million U.S. dollars from 3 billion dollars a year ago. Still, earnings adjusted for one-time costs were 26 cents a share, beating analysts' expectations. The company's shares added 1.49 percent around midday.

McDonald's surged after the fast-food chain said its chief executive officer would be replaced by its chief brand officer in March.

In the previous day, U.S. equities extended losses despite cheerful earnings, as the Federal Reserve's statement and falling oil price weighed on market sentiment. Endite