US close: Dow closes higher on better-than-expected jobless data

Wall Street stocks closed mostly higher on Thursday as investors mulled over this week's jobless data from the Department of Labor.

At the close, the Dow Jones Industrial Average closed 0.41% at 34,464.64, while the S&P 500 was 0.12% firmer at 4,200.88 and the Nasdaq Composite saw out the session 0.01% weaker at 13,736.28.

The Dow closed 141.59 points higher on Thursday following a somewhat muted session for major indices a day earlier.

Thursday's primary focus was the latest set of jobless claims data, with initial jobless claims coming in at 406,000 in the week ended 15 May, according to the Department of Labor. While still well and truly above numbers seen prior to the Covid-19 outbreak, the figure was also below analyst estimates for a reading of 444,000 and a fresh pandemic-era low.

Also on the macro front, orders for big-ticket US goods dropped unexpectedly in April, the first decline recorded in 11 months amid a shortage of computer chips that halted auto production. The Commerce Department said orders for factory goods meant to last at least three years declined 1.3% in April after rising 1.3% in March, with transportation orders slipping 6.7%.

Elsewhere, gross domestic product grew at a 6.4% seasonally-adjusted annual rate in the first quarter, bang in line with estimates and the second-fasted GDP growth since Q3 2003, setting the US economy on course to pull above pre-pandemic levels in the current quarter.

Lastly, pending home sales fell unexpectedly in April for a third time in four months due to a lack of affordable properties on the market. According to the National Association of Realtors, pending home sales decreased 4.4% month-on-month to 106.2, the lowest reading since May 2020.

In the corporate space, Snowflake shares were down in after posting widened losses, Nvidia stock dipped despite the chip maker's first-quarter earnings and sales beating Wall Street expectations, GameStop slipped amid a resurgence in speculative trading and Boeing shares gained on the back of continued optimism regarding an economic recovery.