U.S. stocks waver after British central bank cuts rate

U.S. stocks wavered and traded in a narrow range on Thursday, as investors mainly digested a rate cut decision by the Bank of England (BoE).

By noon, the Dow Jones Industrial Average ticked down 6.24 points, or 0.03 percent, to 18,348.76. The S&P 500 edged up 1.00 points, or 0.05 percent, to 2,164.79. The Nasdaq Composite Index gained 5.52 points, or 0.11 percent, to 5,165.25.

The BoE cut its interest rate from 0.5 percent to a record low level of 0.25 percent on Thursday, as Britain pushes for a stimulus to expand its economy after a historic vote to leave the European Union.

The move is the first cut in seven years since the rate hit its previous record low level of 0.5 percent in March 2009.

On the economic front, in the week ending July 30, the advance figure for seasonally adjusted initial claims was 269,000, an increase of 3,000 from the previous week's unrevised level of 266,000, the U.S. Labor Department said Thursday.

Meanwhile, investors will also keep a close eye on Friday's nonfarm jobs report for more clues on the Fed's next move.

If the U.S. labor market is robust enough, analysts said U.S. Federal Reserve might raise interest rates later this year.

Atlanta Fed President Dennis Lockhart said earlier this week that he did not rule out a rate increase at the central bank's next meeting in September.

U.S. stocks ended higher Wednesday, as investors assessed the newly-released economic data and a strong rebound in oil prices. Endit