MARKET SNAPSHOT: U.S. Stocks Pause After 4 Days Of Gains

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market wobbled in early trade on Thursday after four consecutive days of gains which sent the S&P 500 to record close for the 20th time this year.

The S&P 500 (SPX) hovered near record levels after scaling intraday record in early trade. The benchmark was less than a point higher at 1,959.40. The Dow Jones Industrial Average (DJI) was flat at 16,904.86. The Nasdaq Composite (RIXF) was off 3 points, or 0.1%, at 4,360.43.

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Thursday's economic reports were all positive, showing a consistent rebound in the economy. The weekly jobless claims dropped by 6,000 to 312,000, as expected. With layoffs at very low levels and more jobs available, the number of Americans seeking unemployment benefits continues to hover near a post-recession bottom.

The Philadelphia Fed's manufacturing index in June jumped to the highest reading of activity since last September, topping forecast. Separately, signaling that economic growth could pick up in coming months, the leading economic index for the U.S. rose 0.5% in May to 101.7, the Conference Board said Thursday.

* Among individual stocks, shares of BlackBerry Ltd. jumped 13% after the smartphone maker posted an unexpected net profit and its adjusted quarterly loss was narrower than Wall Street had projected. Kroger Co. rose 5.4% after the supermarket chain reported better-than-expected first-quarter profit and sales. Shares of American Apparel Inc. leapt 12% after the company's board fired Chief Executive Officer Dov Charney. Penny-stock hopes fly for American Apparel after CEO firedRed Hat Inc. shares rose 4.5% after the software company's adjusted per-share earnings and revenue for the first quarter beat expectations on Wednesday, when it also agreed to acquire eNovance for about 70 million euros ($95 million). Pier 1 Imports Inc. shares fell 8.7% after the home-goods retailer missed earnings estimates and lowered its full-year earnings forecast.

* In overseas markets, Asian stocks closed mostly lower, with the exception of Japan's Nikkei 225 index , which surged 1.6%. European stocks also rallied on the Fed stance.

* Among commodities, crude and Brent oil prices continued to climb on Thursday, as Iraqi government forces fought to regain control of the country's largest oil refinery from Sunni insurgents. Gold prices rose sharply. The dollar was nearly flat versus the yen post-Fed.

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