Financial markets were mostly drifting higher in early trading Thursday following a report showing fewer people applied for unemployment aid last week. Kroger was among the big risers after the supermarket operator raised its earnings forecast for the year.
KEEPING SCORE: The Standard & Poor's 500 index rose one point, or 0.1 percent, to 1,958 in the first 45 minutes of trading. The Dow Jones industrial average added six points, or 0.04 percent, to 16,913. The Nasdaq composite was flat at 4,363.
RECORD TERRITORY: The S&P 500 index hit a record high close on Wednesday, it's second in less than two weeks. The index is up 5.9 percent this year. The latest rally came after the Federal Reserve said it sees improvement in the U.S. job market and signs of modest inflation. The Fed said it intends to keep short-term interest rates low.
JOBLESS AID: Fewer Americans sought unemployment benefits last week, evidence of a stronger job market as fewer workers lose their jobs. The Labor Department said Thursday that weekly applications for unemployment fell to a seasonally adjusted 312,000, the lowest in more than six years.
SUPER MARKETS: Kroger jumped 6 percent after the nation's biggest supermarket chain reported higher profit and raised its earnings forecast for the year. Kroger rose $2.74, or 5.8 percent, to $50.
DRUGSTORE WOES: Rite Aid reported its fiscal first-quarter earnings sank 55 percent due to higher-than-expected drug costs and other expenses. The stock fell 19 cents, or 2.6 percent, to $7.25.
OVERSEAS: World stocks rallied, getting a lift from Wednesday's Federal Reserve update. Germany's DAX rose 0.8 percent while France's CAC-40 gained about 1 percent. The FTSE 100 index of leading British shares added 0.2 percent. Japan's Nikkei 225 jumped 1.6 percent to end at 15,361.16. Hong Kong's Hang Seng was little changed while South Korea's Kospi edged up 0.1 percent.
BOND MONITOR: The yield on the 10-year Treasury note fell to 2.57 percent from 2.59 late Wednesday.
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