Wall Street edges up but disappointing data cuts gains

By @ibtimes on

Stocks rose slightly on Thursday as signs of recovery in the jobs market were partly offset by weak data on housing and regional business conditions.

In their public trading debut, shares of LinkedIn Corp opened more than 80 percent above their IPO price in a jump reminiscent of the heyday of investors' love affair with Internet stocks.

Wall Street got off to a strong start after weekly jobless claims data suggested the labor market was on track for recovery.

But factory activity in the U.S. mid-Atlantic region grew much more slowly than expected in May.

In addition, sales of previously owned U.S. homes fell in April in a sign the housing market is still struggling.

The Dow Jones industrial average <.DJI> was up 21.61 points, or 0.17 percent, at 12,581.79. The Standard & Poor's 500 Index <.SPX> was up 0.76 points, or 0.06 percent, at 1,341.44. The Nasdaq Composite Index <.IXIC> was up 1.40 points, or 0.05 percent, at 2,816.40.

LinkedIn shares rose to $88.70 on the New York Stock Exchange, 97 percent above the $45 initial public offering price.

(Reporting by Angela Moon, Editing by Kenneth Barry)

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