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U.S. stocks mildly higher at midday amid soft data

Xinhua, May 22, 2015 Adjust font size:

U.S. stocks traded higher in the morning session on Thursday, as investors digested a batch of downbeat economic data.

At noon, the Dow Jones Industrial Average edged up 7.24 points, or 0.04 percent, to 18,292.64. The S&P 500 rose 5.42 points, or 0. 25 percent, to 2,131.27. The Nasdaq Composite Index added 15.40 points, or 0.30 percent, to 5,087.15.

In the week ending May 16, the advance figure for seasonally adjusted initial jobless claims was 274,000, an increase of 10,000 from the previous week's unrevised level, the U.S. Labor Department said Thursday.

U.S. existinghome sales slowed in April but remained above an annual sales pace of 5 million for the second straight month, according to the National Association of Realtors. Total existing- home sales declined 3.3 percent to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March.

"The housing market recovery has been bumpy and unremarkable thus far. With home prices rising and consumers spending restrained, the housing market is likely to continue to plod along, disappointing those looking for housing to be a substantial contributor to growth any time soon," said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.

Meanwhile, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers' Index fell from 54.1 in April to 53.8 in May, signaling the weakest improvement in overall business conditions since the start of 2014.

A whole batch of disappointing economic reports was released since the Fed's April meeting, leading many analysts to expect a rate hike in September or next January.

Markets are also keeping a close eye on Janet Yellen's speech this Friday for possible new clues of an upcoming rate hike.

In corporate news, Best Buy reported adjusted quarterly profit of 37 cents per share, above estimates, with revenue beating forecasts as well. Its shares jumped over 5 percent around midday Thursday.

U.S. stocks closed narrowly mixed Wednesday, as investors pondered over the minutes form the Federal Reserve's April policy meeting released in the afternoon. Endite