U.S. stocks waver amid economic data

U.S. stocks traded in a narrow range on Thursday, as investors digested a batch of newly-released economic reports and awaited a key speech from U.S. Federal Reserve's Chair Janet Yellen.

At midday, the Dow Jones Industrial Average gained 9.49 points, or 0.05 percent, to 18,490.97. The S&P 500 rose 2.53 points, or 0.12 percent, to 2,177.97. The Nasdaq Composite Index increased 10.47 points, or 0.20 percent, to 5,228.16.

On the economic front, new orders for manufactured durable goods in July increased 9.7 billion U.S. dollars or 4.4 percent to 228.9 billion dollars, according to the U.S. Commerce Department Thursday.

In the week ending Aug. 20, the advance figure for seasonally adjusted initial claims was 261,000, a decrease of 1,000 from the previous week' s unrevised level, said the U.S Labor Department Thursday.

Meanwhile, traders kept a close eye on Yellen's speech for more clues on the timing of the next interest rate hike. She is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming.

Some Fed officials' hawkish comments have strengthened market expectations that the central bank might raise interest rate later this year.

"The chances of a market moving headline leaking out ahead of the Fed Chair's speech tomorrow morning would be quite sloppy," said Stephen Guilfoyle, chief market economist at Stuart Frankel & Co., on Thursday.

U.S. stocks retreated on Wednesday, as investors became cautious ahead of a key speech from U.S. Federal Reserve's Chair Janet Yellen. Endite