US close: Stocks eke out gains as oil prices recover

The Dow Jones Industrial Average and the S&P 500 both ended up 0.3% while the Nasdaq rose 0.1%.

A stabilisation in oil prices lent some support, with West Texas Intermediate up 0.1% at $34.71 a barrel and Brent crude 0.7% higher at $37.19. Prices had been weaker earlier in the session after government data on Wednesday showed US crude inventories rose 10.4m barrels to a record 517.98m last week.

Ahead of the all-important nonfarms report, the Labor Department revealed the number of first time unemployment benefits claimants in the US unexpectedly rose last week. Initial jobless claims rose by 6,000 to 278,000, versus economists’ expectations for a drop to 271,000. The previous week’s figures were unrevised.

Pantheon Macroeconomics said: "After three straight downside surprises, claims have nudged a bit above the underlying trend, which probably is in the mid-270s. At that level, and coupled with robust indicators of the pace of hiring, we'd expect payroll growth to run close to the 2015 average, 228k.

"That said, we expect only 180k tomorrow, thanks to a combination of a correction in the construction sector after the Q4 weather boost, and a tendency for the February number initially to be understated and then revised higher."

Investors also digested some uninspiring data on the US services sector. Markit's services purchasing managers' index fell to 49.7 in February, down from 53.2 in January and worse than the 50 reading expected by analysts. It was below the 'flash' estimate of 49.8 and under the 50 mark that separates contraction from expansion for the first time in almost two and half years.

Elsewhere, data showed factory orders rose 1.6% in January following two straight monthly declines. Although this was weaker than the 2% gain expected by economists, it was the biggest increase in seven months.

Analysts expect the nonfarm payrolls report to show US employers added 193,000 jobs in February, compared to 151,000 a month earlier. The unemployment rate is forecast to hold at 4.9% while average hourly earnings are projected to rise 0.2% month-on-month in February, slowing from the previous month’s 0.5% increase.

The Federal Reserve is taking the strength of the labour market into consideration as it determines the timing of its next change in interest rates.

In corporate news, Chesapeake Energy Corp shares surged after the company’s former chief executive died on Wednesday in a car accident. He had been charged a day earlier with breaking federal antitrust laws on claims he had conspired with an unnamed company to keep land-lease rights in Oklahoma low between 2007 and 2012.

Joy Global surged after reporting a worse-than-anticipated loss for its first quarter.

On the downside, warehouse chain Costco Wholesale Corp. was lower after it posted weaker-than-expected second quarter profit and revenue.

Ciena Corp tumbled after it reported a narrower loss for its most recent quarter but issued disappointing guidance.

Supermarket chian Kroger Co was also under the cosh after its fourth quarter sales missed analysts’ expectations.

Herbalife shares tanked after the marketing and nutrition firm said it had released “errant” information regarding new members.

In currencies, the dollar fell 0.7% versus the pound and 0.9% against the euro, but was flat versus the yen.

S&P 500 - Risers

Peabody Energy Corp. (BTU) $3.23 +32.38%

Chesapeake Energy Corp. (CHK) $4.28 +26.03%

Southwestern Energy Co. (SWN) $7.32 +17.95%

Ensco Plc. (ESV) $10.94 +14.14%

Rowan Companies plc (RDC) $16.61 +11.40%

Murphy Oil Corp. (MUR) $21.27 +10.21%

Transocean Ltd. (RIG) $10.81 +9.91%

Marathon Oil Corp. (MRO) $9.97 +9.56%

CONSOL Energy Inc. (CNX) $10.27 +8.68%

United States Steel Corp. (X) $12.33 +8.63%

S&P 500 - Fallers

Kroger Co. (KR) $37.80 -7.01%

Alexion Pharmaceuticals Inc. (ALXN) $145.84 -3.79%

Vertex Pharmaceuticals Inc. (VRTX) $89.46 -3.31%

Ventas Inc. (VTR) $56.70 -2.93%

Cerner Corp. (CERN) $49.98 -2.57%

Pioneer Natural Resources Co. (PXD) $128.26 -2.28%

Pepco Holdings Inc. (POM) $23.18 -2.03%

Cimarex Energy Co (XEC) $88.06 -2.00%

Electronic Arts Inc. (EA) $64.80 -1.95%

Celgene Corp. (CELG) $102.73 -1.91%

Dow Jones I.A - Risers

Caterpillar Inc. (CAT) $71.75 +3.42%

Walt Disney Co. (DIS) $98.79 +1.85%

American Express Co. (AXP) $58.06 +1.65%

International Business Machines Corp. (IBM) $137.82 +1.12%

Home Depot Inc. (HD) $126.84 +1.00%

Apple Inc. (AAPL) $101.50 +0.74%

Goldman Sachs Group Inc. (GS) $155.25 +0.68%

United Technologies Corp. (UTX) $96.06 +0.55%

Unitedhealth Group Inc. (UNH) $121.81 +0.45%

Chevron Corp. (CVX) $87.53 +0.44%

Dow Jones I.A - Fallers

McDonald's Corp. (MCD) $116.63 -1.56%

Nike Inc. (NKE) $61.46 -1.22%

Microsoft Corp. (MSFT) $52.35 -1.13%

Visa Inc. (V) $73.90 -0.53%

Verizon Communications Inc. (VZ) $51.89 -0.44%

Exxon Mobil Corp. (XOM) $82.37 -0.40%

E.I. du Pont de Nemours and Co. (DD) $61.91 -0.39%

Johnson & Johnson (JNJ) $106.64 -0.37%

Travelers Company Inc. (TRV) $109.82 -0.34%

Merck & Co. Inc. (MRK) $52.12 -0.30%

Nasdaq 100 - Risers

Viacom Inc. Class B (VIAB) $39.02 +4.11%

Tesla Motors Inc (TSLA) $195.74 +3.93%

PACCAR Inc. (PCAR) $54.06 +3.42%

Discovery Communications Inc. Class A (DISCA) $27.64 +3.21%

Discovery Communications Inc. Class C (DISCK) $26.82 +3.15%

Bed Bath & Beyond Inc. (BBBY) $50.64 +3.09%

Western Digital Corp. (WDC) $48.65 +2.75%

Seagate Technology Plc (STX) $34.76 +2.45%

Biomarin Pharmaceutical Inc. (BMRN) $89.57 +2.44%

Liberty Interactive Corporation QVC Group (QVCA) $26.45 +2.40%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $25.59 -3.94%

Alexion Pharmaceuticals Inc. (ALXN) $145.84 -3.79%

Vertex Pharmaceuticals Inc. (VRTX) $89.46 -3.31%

Ctrip.Com International Ltd. Ads (CTRP) $39.24 -3.11%

Cerner Corp. (CERN) $49.98 -2.57%

Maxim Integrated Products Inc. (MXIM) $34.14 -1.95%

Electronic Arts Inc. (EA) $64.80 -1.95%

Celgene Corp. (CELG) $102.73 -1.91%

Biogen Inc (BIIB) $268.64 -1.83%

Dollar Tree Inc (DLTR) $77.45 -1.68%