Most of Wall Street drifts as defense companies rally

Majority of stocks climb as bond yields tick higher after mixed reports on economy.

- BY STAN CHOE

Modest moves for Wall Street overall masked some big swings underneath the surface Thursday, including for makers of weapons and other military equipment after President Trump said he wants to increase spending on them sharply.

The S&P 500 barely budged and inched up by less than 0.1%, coming off its first loss in four days. It remains near its all-time high set this week. The Dow Jones industrial average rose 270 points, or 0.6%, and the Nasdaq composite fell 0.4%.

The majority of stocks climbed as yields ticked higher in the bond market after mixed reports on the U.S. economy.

The number of U.S. workers applying for unemployment benefits rose last week, a potential indicator of increasing layoffs, but by no more than economists expected.

Other reports said U.S. workers improved their productivity by more in the summer than economists expected, while the U.S. trade deficit unexpectedly shrank in October.