US stocks turn higher as consumers look for safe picks
NEW YORK (AP) — U.S. stocks are mostly higher Thursday afternoon as investors take refuge in safe-play stocks like phone companies after a surprisingly weak report on the job market.
Retailers got more bad news as department store Kohl's reported disappointing first-quarter results.
The biggest gains went to phone companies, chemicals makers and consumer stocks.
The Labor Department said applications for unemployment benefits rose to the highest level since February 2015.
Cannally thinks investors don't have a lot of confidence in the global economy right now, and will be watching subsequent reports out of China to see if there are more signs that the world's second-largest economy is continuing to slow down.
Bloomberg News reported that German chemical and pharmaceutical company Bayer might make an offer for U.S.-based Monsanto.
Data security company Infoblox surged $3.43, or 22.4 percent, to $18.74 after Bloomberg reported that a private equity firm offered to buy it.
Brent crude, the benchmark for international oil prices, rose 48 cents, or 1 percent, to $48.08 a barrel in London.
Macy's slashed its profit forecast Wednesday following its quarterly report, and Gap posted worse-than-expected April sales on Monday.
Payment card company CPI Card Group reported disappointing results as shipments of chip-enabled cards were lower than expected.
The company said the market is struggling in the U.S. and cut its guidance because credit card companies aren't buying and issuing as many of the cards as expected.