The S&P 500 edged slightly higher on Thursday, up for a fifth session, on better-than-expected jobless claims and trade data in the United States and hopes of further stimulus action from China's central bank. The Nasdaq outperformed the broader market, led higher by Cisco Systems Inc after Goldman Sachs added the network equipment maker's stock to its conviction buy list and Piper Jaffray raised its Cisco rating to "overweight."
Cisco shares rose 3.2 percent to $17.71. The Dow Jones industrial average dropped 8.59 points, or 0.07 percent, to 13,167.05. The Standard & Poor's 500 Index gained 0.83 points, or 0.06 percent, to 1,403.05. The Nasdaq Composite Index gained 5.68 points, or 0.19 percent, to 3,016.93.