WASHINGTON (dpa-AFX) - Stocks moved mostly higher early in the trading
session on Thursday but have once again come under pressure over the course of
the day. The major averages have pulled back well off their best levels and into
negative territory.

Currently, the major averages are posting modest losses. The Dow is down 2.03
points or less than a tenth of a percent at 37,751.28, the Nasdaq is down 44.35
points or 0.3 percent at 15,639.02 and the S&P 500 is down 6.80 points or 0.1
percent at 5,015.41.

The early strength on Wall Street partly reflected bargain hunting, as traders
looked to pick up stocks at relatively reduced levels following recent weakness.

The Nasdaq and the S&P 500 have closed lower for four consecutive sessions,
falling to their lowest levels in nearly two months.

However, as with other recent rebound attempts, buying interest has waned over
the course of the session amid ongoing concerns about the outlook for interest
rates.

A rebound by treasury yields may also be weighing on the markets, with the yield
on the benchmark ten-year note bouncing back toward the five-month highs set on
Tuesday.

On the U.S. economic front, the Labor Department released a report showing
first-time claims for U.S. unemployment benefits remained flat in the week ended
April 13th.

The report said initial jobless claims came in at 212,000, unchanged from the
previous week's revised level. Economists had expected jobless claims to rise to
215,000 from the 211,000 originally reported for the previous week.

A separate report released by the Philadelphia Federal Reserve showed growth in
regional manufacturing has unexpectedly seen a considerable acceleration in the
month of April.

The Philly Fed said its diffusion index for current general activity jumped to
15.5 in April from 3.2 in March, with a positive reading indicating growth.
Economists had expected the index to edge down to 1.5.

Meanwhile, the National Association of Realtors released a report showing a
sharp pullback by existing home sales in the U.S. in the month March.

NAR said existing home sales plunged by 4.3 percent to an annual rate of 4.19
million in March after surging by 9.5 percent to a rate of 4.38 million in
February. Economists had expected existing home sales to slump to a rate of 4.20
million.


Sector News

Semiconductor stocks have come under pressure over the course of the session,
dragging the Philadelphia Semiconductor Index down by 1.6 percent to a nearly
two-month intraday low.

U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSM) have slumped by
5.0 percent even though the chipmaker reported better than expected first
quarter results.

Considerable weakness has also emerged among biotechnology stocks, with the NYSE
Arca Biotechnology Index falling by 1.1 percent to its lowest intraday level in
well over four months.

Oil producer, software and computer hardware stocks have also moved to the
downside on the day, while significant strength remains visible among airline
stocks.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly
higher on Thursday. China's Shanghai Composite Index inched up by 0.1 percent
and Japan's Nikkei 225 Index rose by 0.3 percent, while South Korea's Kospi
surged by 2.0 percent.

The major European markets also moved to the upside on the day. While the French
CAC 40 Index climbed by 0.5 percent, the U.K.'s FTSE 100 Index and the German
DAX Index both rose by 0.4 percent.

In the bond market, treasuries have once again come under pressure following the
rebound seen in the previous session. Subsequently, the yield on the benchmark
ten-year note, which moves opposite of its price, is up by 6.2 basis points at
4.647 percent.



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