US STOCKS-Wall St up on claims, earnings; Russia in focus

jueves 7 de agosto de 2014 10:23 GYT

* BofA nears Justice Dept deal, to pay near $16.5 bln

* Jobless claims fall unexpectedly in latest week

* Indexes up: Dow 0.3 pct, S&P 0.3 pct, Nasdaq 0.4 pct (Updates prices, adds Draghi, changes comment)

By Rodrigo Campos

NEW YORK, Aug 7 (Reuters) - U.S. stocks rose at the open on Thursday following upbeat labor market data, amid a backdrop of a sanctions confrontation between Russia and the West that highlighted the relative strength of the U.S. economy.

Twenty-First Century Fox led gains on the S&P 500 after it reported a quarterly profit that beat Wall Street's expectations. Executives stressed they would not make a new approach for Time Warner Inc after withdrawing an $80-billion bid. Fox shares rose 7.2 percent to $34.65.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week and the four-week claims average, considered a better measure of labor market trends, fell to its lowest since February 2006.

Markets kept an eye on eastern Europe as Moscow imposed a ban on imports of many Western foods on Thursday, retaliating against sanctions imposed for its support of rebels in eastern Ukraine and the annexation of Crimea. Russia will ban various imports from the United States, the European Union, Australia, Canada and Norway in a measure that isolates its consumers from world trade to a degree unseen since Soviet days.

The sanctions are seen as possibly hurting European economies more than the United States due to closer ties between Russia and Europe. Such a scenario could favor U.S. equities and other assets as foreign cash looking for yield may head towards the world's largest economy. The full extent of the impact, however, is yet to be known.   Continuación...