U.S. stocks trade mixed amid earnings, data

U.S. stocks traded in a narrow range on Thursday, as investors digested a batch of corporate earnings reports and newly-released data.

By noon, the Dow Jones Industrial Average rose 35.01 points, or 0.17 percent, to 20,103.52. The S&P 500 lost 0.51 points, or 0.02 percent, to 2,297.86. The Nasdaq Composite Index ticked down 0.48 points, or 0.01 percent, to 5,655.86.

In corporate news, shares of Caterpillar dropped 0.55 percent around midday Thursday, as the company reported better-than-expected quarterly earnings but revenue shy of forecasts.

Alphabet, Intel, Microsoft and Starbucks are among companies due to report quarterly earnings after Thursday's closing bell.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the fourth quarter of 2016 are expected to rise 6.8 percent year on year, while the revenues are forecast to increase 4.1 percent.

On the economic front, in the week ending Jan. 21, the advance figure for seasonally adjusted initial claims was 259,000, an increase of 22,000 from the previous week's revised level, the U.S. Labor Department Thursday.

The Dow Jones Industrial Average on Wednesday closed above the psychological mark of 20,000 points for the first time ever, while the other two major indices also finished at record highs, boosted by a batch of generally positive earnings reports.

Most analysts attributed Wednesday's increases to a continuous "Trump rally." U.S. stocks posted solid gains after Trump won the presidency election on Nov. 8, with the Dow going up over 9 percent till Wednesday, as investors bet that he would pursue massive corporate tax cuts, deregulation, and infrastructure spending. Endit