US stocks edge higher

A steady unemployment picture boosted Wall Street’s confidence in the US economy today, lifting stocks moderately higher and giving the major indexes a gain for the shortened trading week.

Even though the Labour Department reported a slight rise in first-time jobless claims, the market was not alarmed, given that claims are still far lower than a year ago, and the number of people currently receiving unemployment insurance is at a three-year low.

The news was enough for buying to resume after Wednesday’s selloff which was prompted by concerns over the Federal Reserve’s interest rate policy.