(Refiles to add missing word 'and' in paragraph 2)
* Weekly jobless claims rise unexpectedly
* Biogen up on raising full-year revenue forecast
* Airlines dip after Southwest, American Airlines results
* Indexes up: Dow 0.16%, S&P 0.20%, Nasdaq 0.38%
NEW YORK, July 22 (Reuters) - Wall Street edged higher on
Thursday, as lackluster economic data and mixed corporate
earnings sent investors back to growth stocks.
A pull-back in economically sensitive cyclicals kept the S&P
500's and the blue-chip Dow's gains muted, while small-caps
underperformed their larger rivals.
But megacap market leaders such as Apple Inc,
Amazon.com, Facebook Inc, Google-owner Alphabet
Inc and Microsoft Corp rose ahead of their
quarterly results next week, putting the tech-laden Nasdaq out
All three major U.S. stock indexes currently stand within
0.5% of their record closing highs
Growth stocks, which outperformed throughout the
health crisis, were back in favor, gaining 0.7%, while the value
index lost altitude.
The number of U.S. workers filing first-time applications
for unemployment benefits spiked unexpectedly to
419,000 last week, a two-month high, according to the Labor
"The market got spooked over jobless claims, but investors
remain focused on earnings instead of the macro data," said
Peter Cardillo, chief market economist at Spartan Capital
Securities in New York. "And earnings so far are better than
expected. Its a market thats priced to its heights and theres
no room for mistakes."
Market participants are closely watching labor market
indicators for hints as to when the Federal Reserve, expected to
convene next week for its two-day monetary policy meeting, will
begin discussions about hiking key interest rates from near
Benchmark Treasury yields eased after the bid at the
largest-ever TIPS auction touched a record low, pressuring rate
The Dow Jones Industrial Average rose 55.65 points,
or 0.16%, to 34,853.65, the S&P 500 gained 8.84 points,
or 0.20%, to 4,367.53 and the Nasdaq Composite added
56.12 points, or 0.38%, to 14,688.07.
Of the 11 major sectors of the S&P 500, tech was
shining brightest, gaining 0.7%. Financial stocks
suffered the largest percentage drop.
Second-quarter reporting season barreled ahead at
full-throttle, with 104 of the companies in the S&P 500 having
reported. Of those, 88% have beaten consensus estimates,
according to Refinitiv.
Analysts currently see aggregate year-on-year S&P earnings
growth of 76.5% for the April to June period, a substantial
increase from the 54% projected at the beginning of the quarter.
Drugmaker Biogen Inc gained 1.2% after hiking its
full-year revenue guidance, while Domino's Pizza Inc
surged 14.2% to an all-time high on the heels of its quarterly
Southwest Airlines Co posted a bigger-than-expected
quarterly loss, sending its stock down 3.5%, and American
Airlines Group Inc dipped 1.5% even after reporting a
The S&P 1500 Airlines index was off 1.6%.
Shares of Texas Instruments Inc slid 5.0% after its
current-quarter revenue forecast cast concerns as to whether
chipmaker will be able to meet spiking demand in the face of a
global semiconductor shortage.
The Philadelphia SE Semiconductor index was last down
Declining issues outnumbered advancing ones on the NYSE by a
1.70-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored decliners.
The S&P 500 posted 38 new 52-week highs and no new lows; the
Nasdaq Composite recorded 60 new highs and 41 new lows.
(Reporting by Stephen Culp"
Additonal reporting by Devik Jain and Shreyashi Sanyal in
Editing by Marguerita Choy)