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NEW YORK (AP) - Wall Street rose Thursday as investors bought back into stocks after two days of losses, encouraged by a drop in unemployment claims and a better-than-expected sales performance by discount retailers.
Although the Labor Department said the four-week average of initial unemployment claims rose last week to a two-and-a-half-year high, investors were pleased to hear that claims last week fell by more than expected following a surge in the previous week.
And while many retailers — from Gap Inc. to Saks Inc. — said Thursday that March sales slid as consumers grew more frugal, Wall Street was encouraged that other companies are weathering the economic weakness. Discount retailers Wal-Mart Stores Inc. and Costco Wholesale Corp., stores that sell staples like food and gasoline, reported sharp increases in March sales and indicated they expect sales to keep rising.
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