Wall Street report: Thursday close

WALL Street shrugged of so-so economic data to push higher in what has been one of its better weeks in topsy-turvy times of late. The Dow Jones Industrial Average advanced 45.53 points or 0.4% to 10,299.21. The Nasdaq Index extended its winning streak to a fourth day as it inched higher by 4.88 points or 0.3% to 1730.44.

Behind the recent rally have been several upbeat company reports and a growing belief that the economic recovery is on track to deliver improved profits.

New home building and jobless claims which came in below forecasts dented confidence only momentarily. Washington said housing starts fell to 1.56m on an annual basis in April, from 1.64m in March and 100,000 below economists' forecasts. The number of people seeking jobless assistance grew to 418,000 from 416,000 the previous week, above the 405,000 forecast.

Economists said the housing starts number represented only a minor retrenchment for what has been a hot sector and that the jobless claims numbers were often volatile.

Several big names led the rally, with General Electric higher by $1.07 or 3.5% to $32, Wal-Mart gaining $1.58 or 2.8% to $58.35 and Microsoft up 99 cents or 1.8% to $55.74. Tyco International, a conglomerate under fire recently for its accounting, leapt $1.14 or 6% to $20.56 after it reaffirmed its earnings forecasts. ExxonMobil firmed 56 cents or 1.4% to $40.27 on fluctuating oil prices.

Losers included American Express, off 37 cents or 0.8% to $44.50 and AT&T, lower by 62 cents or 4.6% to $12.89. IBM, which told an analysts' conference on Wednesday that it would cut costs to maintain its profits, tacked on 95 cents or 1.8% to $55.74.

Dell Computer, the world's biggest personal computer maker, closed fractionally higher at $27.85 and rose another 1.3% in after-hours trading as it topped quarterly expectations. Perennially optimistic founder Michael Dell forecast growing market share and better times.

The pharmaceuticals sector continued to sag on regulatory concerns. Viagra maker Pfizer slid 67 cents or 1.8% to $35.82 after it said the Justice Department had widened its investigation into the pricing of Lipitor, the cholesterol drug. Abbott Laboratories, which on Wednesday said Federal inspectors had found problems at an Illinois plant, dropped another $1.15 or 2.5% to $45.75.

Schering-Plough, down 12% the previous session as it disclosed a criminal investigation into its Puerto Rican operations, came off 25 cents or 1% to $24.75.