NEW YORK (Reuters) ? U.S. stocks seesawed in a tight range on Thursday, with winners and losers taking their cues from earnings reports, while a drop in jobless claims continued to point to a slowly healing labor market.
Healthcare shares were among the losers, with underwhelming quarterly reports from drugmaker Merck & Co Inc (MRK.N), insurer Cigna Corp (CI.N) and medical device maker Boston Scientific Corp (BSX.N). Merck fell 1.3 percent to $38.14, Cigna dropped 5.7 percent to $43.10 and Boston Scientific was off 7 percent to $5.67.
The S&P healthcare sector (.GSPA) fell nearly 1 percent and was the largest weight on the benchmark S&P 500 index.
Technology shares continued to outperform the broader market, with Qualcomm Inc (QCOM.O) hitting its highest level in 12 years after first-quarter profit trounced estimates. Shares gained 2.1 percent to $60.84 after hitting a high of $61.95.
MasterCard Inc (MA.N) rose near 5.6 percent to $377.84 after the payment processor beat analysts' estimates for the seventh straight quarter.
Investor sentiment was helped as the economy, on an uptrend of late, got another boost as new claims for jobless benefits dropped more than expected in the latest week. The government will report monthly payrolls data Friday.
"Investors are focusing on what they should, which is the improving backdrop in the U.S. economy," said Bruce Zaro, chief technical strategist, Delta Global Asset Management in Boston.
The Dow Jones industrial average (.DJI) was down 33.45 points, or 0.26 percent, at 12,683.01. The Standard & Poor's 500 Index (.SPX) was down 1.07 points, or 0.08 percent, at 1,323.02. The Nasdaq Composite Index (.IXIC) was up 4.50 points, or 0.16 percent, at 2,852.77.
Zaro expects the current uptrend for the S&P 500 to take it to 1,370 in the first half of the year, but the index could pull back before then at around the 1,330 level.
Green Mountain Coffee Roasters Inc (GMCR.O) soared 22.1 percent to $65.45 a day after its first-quarter earnings far exceeded expectations.
The third warmest January in 50 years hurt same-store sales at department stores and apparel retailers. But discounters such as Target and Costco as well as high-end stores beat estimates.
Target Corp (TGT.N) rose 1 percent to $51.94 while Abercrombie & Fitch Co (ANF.N) slumped 11.6 percent to $41.39, and Costco Wholesale Corp (COST.O) was up 2.2 percent at $85.02.
Facebook could raise as much as $10 billion in the biggest-ever Internet initial public offering, according to a filing Wednesday. In 2011, Facebook said net income rose 65 percent to $1 billion on revenue of $3.71 billion.
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)
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