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M. Continuo

Stocks off session highs after data


    NEW YORK (Reuters) - Stocks edged below session highs on Thursday after a monthly measure of regional factory activity showed a sharp contraction, pointing to a deepening recession.

    The Philadelphia Federal Reserve Bank reported its business activity index in the U.S. Mid-Atlantic region at minus 41.3 in February, while economists had expected a reading of negative 25.0, according a Reuters poll.

    U.S. workers continuing to claim jobless benefits jumped to a record in the first week of February.

    The Dow Jones industrial average rose 41.82 points, or 0.55 percent, to 7,597.45. The Standard & Poor's 500 Index added 7.76 points, or 0.98 percent, to 796.18. The Nasdaq Composite Index gained 10.67 points, or 0.73 percent, to 1,478.64.

    (Reporting by Rodrigo Campos; Editing by James Dalgleish)