* U.S. stocks edge up along with MSCI world index
* Facebook shares hit record high
* Russian debt insurance costs rise on EU sanctions
* US homebuilders down after housing data
(Adds homebuilder shares and other details, updates trading)
By Caroline Valetkevitch
NEW YORK, July 24 Global stock markets edged
higher while U.S. debt prices fell on Thursday following
unexpectedly low U.S. weekly jobless claims and
stronger-than-expected U.S. earnings.
The benchmark S&P 500 index hit a record high for a third
straight day, buoyed by data showing initial jobless claims in
the world's largest economy dropped to their lowest in more than
The biggest boost to the index came from Facebook,
which shot up 6.8 percent to $76.17 and hit a record of $76.74,
a day after reporting a surge in mobile advertising revenue.
"The lower-than-expected U.S. initial jobless claims has
made people focus on the improving labor market situation," said
Ian Lyngen, senior government bond strategist, at CRT Capital in
But data showing sales of new U.S. single-family homes fell
by the biggest amount since July 2013 offset some of the
positive news. The stock of home builder D.R. Horton,
which also reported results, sank 9.3 percent to $22.50, while
the PHLX Housing Index was down 2.1 percent.
General Motors dropped 3.3 percent to $36.17 after
reporting a much smaller-than-expected quarterly profit.
Other data showed the services sector across the 18-member
euro zone performed better than any of the 39 economists polled
by Reuters had forecast.
Russian debt insurance costs rose after European Union
leaders proposed sanctions on Russian banks which are
majority-owned by the government. Those measures were proposed
after a Malaysian Airlines plane was downed over Ukraine last
week, killing 298, by a missile likely furnished by Russia.
MSCI's All-World Index was up 0.2 percent,
while European stocks .FTEU3 were up 0.5 percent.
The Dow Jones industrial average rose 12.07 points or
0.07 percent, to 17,098.7, the S&P 500 gained 3.53 points
or 0.18 percent, to 1,990.54 and the Nasdaq Composite
added 8.66 points or 0.19 percent, to 4,482.36.
A better-than-expected U.S. earnings season is helping
sentiment. So far this earnings period, 68.5 percent of earnings
reports have beat analysts' expectations.
Drugmakers Bristol-Myers Squibb and Eli Lilly
beat Wall Street expectations, along with Ford.
In the foreign exchange market, the euro fell to an
eight-month low of $1.3448 in early European trading on the EBS
trading system before rebounding to a session high of $1.34855
. The single currency was last $1.3471, up 0.05 percent
from Wednesday's U.S. close.
Ten-year U.S. Treasuries were down 13/32 in
price to yield 2.508 percent. The yield hit a peak of 2.518
percent, the highest since July 18.
Crude oil prices ran into renewed selling after a bounce on
Wednesday. Brent crude for September delivery fell 66
cents to $107.37 a barrel. U.S. crude lost 48 cents to
(Additional reporting by Carolyn Cohn, Marc Jones and Anirban
Nag in London, Wayne Cole in Sydney, Richard Leong, Rodrigo
Campos and Gertrude Chavez-Dreyfuss in New York; Editing by
James Dalgleish and Bernadette Baum)