Sobering jobless report slows stocks' rise
NEW YORK — An encouraging earnings forecast from UPS and stronger manufacturing figures gave the stock market its sixth straight advance.
The gains yesterday were modest following a surprise increase in the number of newly laid-off people seeking unemployment benefits.
Analysts said a slowdown in the market's upward push was overdue. The Dow Jones industrial average rose 21 points after racing up nearly 104 on Wednesday.
UPS Inc.'s forecast — it raised its full-year earnings target — increased hopes the economy is strengthening. As the world's largest shipping company, UPS' results are seen as an early indicator of overall business activity.