U.S. stocks tick up amid mixed data

U.S. stocks traded higher around midday Thursday, as investors were digesting mixed economic reports ahead of the Federal Reserve's policy meeting next week.

By noon, the Dow Jones Industrial Average rose 80.17 points, or 0.49 percent, to 16,333.74. The S&P 500 added 10.29 points, or 0.53 percent, to 1,952.33. The Nasdaq Composite Index gained 37.07 points, or 0.78 percent, to 4,793.60.

In the week ending Sept. 5, the advance figure for seasonally adjusted initial jobless claims was 275,000, a decrease of 6,000 from the previous week's revised level, the U.S. Labor Department said Thursday.

In a separate report, the department said that U.S. import prices declined 1.8 percent in August due to falling oil prices and a rising dollar, logging their biggest drop in seven months.

Prices for U.S. exports also fell 1.4 percent in August, exceeding market consensus of a 0.4-percent decline.

The strengthening U.S. labor market and falling import prices triggered market debate over whether the Fed should raise interest rates next week.

Uncertainty about the Fed's decision over whether or not to hike rates at its two-day policy meeting next week has been contributing to the recent volatility in the market.

In corporate news, shares of Apple jumped over 2 percent around midday Thursday after the tech giant unveiled a string of new products including iPhone 6s, iPhone 6s Plus, Apple TV with Siri and iPad Pro.

On Wednesday, U.S. stocks reversed early gains to end sharply lower as investors remained cautious ahead of the Fed's policy meeting. Endit