LONDON (ShareCast) - US stocks rose on Thursday, after earnings from General Motors and Caterpillar exceeded analysts' expectations and Eurozone manufacturing registered a surprising gain.
At 10:12 New York time, the Dow Jones was 227.48 points up to 16,668.80, while the S&P 500 rose 23.68 points to 1,950.79 and the Nasdaq was 62.28 points up to 4,444.15.

Data showed that the Eurozone purchasing managers index reached a two-month high of 50.7, exceeding expectations of a reading of 50. Some analysts saw the unexpected improvement as a sign that Europe may avoid plunging deeper into its current economic slump.

Over $2.1trn in US equity values have been erased since 6 September, amid fears that a slowdown in global growth led by the Eurozone's shaky economy would hurt the US, just as the Federal Reserve winds down stimulus.

According to figures released by the Labor Department on Thursday, the number of Americans filing new claims for unemployment benefits rose 17,000 to a seasonally adjusted 283,000 for the week ended 18 October.

The increase, which was in line with economists' forecasts, was the first time the number of claims rose after three weeks of decline.

The four-week moving average, which is considered a more reliable indicator of the labour market trends as it is not affected by week-to-week volatility, fell 18,260 to 281,000, its lowest level since May 2000.

The jobless claims report showed the number of people still receiving benefits after an initial week of aid fell 38,000 to 2.35m in the week ended 11 October.

In corporate news, Caterpillar shares advanced after the construction equipment maker lifted its full year earnings forecast, while General Motors gained just under 2% as group chief executive Mary Barra told investors the firm is striving to boost performance.

3M rose sharply after reporting better than expected third quarter earnings per share, though total sales were $8.1bn, slightly short of Wall Street's estimate of $8.2bn.

Tractor Supply surged after its quarterly results, which were released late on Wednesday, beat estimates, while Southwest Airlines rose slightly after reporting third-quarter adjusted earnings of 55 cents a share, more than Wall Street's estimate of 53 cents a share.

Yelp shares plummeted after the online review site issued a bleak outlook late on Wednesday night, despite posting better than expected results.

The dollar edged slightly forward against the euro and the pound, but registered a more significant gain against the yen.

The yield on the 10-year Treasury note rose four basis points to 2.26%, while the yield on the 30-year Treasury note edged forward by the same margin to 3.03 and the yield on the five-year note gained five basis points to 1.48.

Gold futures slid to $1,234.80, while West Texas intermediate crude rebounded after losing over two points on Wednesday and was trading at just over $81 a barrel.

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