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NEW YORK (MCT) — U.S. stocks closed higher Thursday, with industrials and materials leading the climb as investors shrugged off disappointing jobs and inflation data to focus on company earnings. However, U.S. stock futures fell after the close on the U.S. Federal Reserve's move to raise the rate it charges banks for emergency loans by a quarter percentage point, effective from Friday. While the Fed empha- sized that the step didn't represent a broader tight- ening of credit, and mar- ket participants were expecting such a move at some time, the timing of the announcement after Thursday's close hit the market by surprise. "It's not so much that they didn't telegraph this was coming. We just did- n't think it would be insti- tuted quite this soon," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. Luschini predicted that the market would open down Friday, partic- ularly in those areas most sensitive to interest rates including commodities. The Dow Jones Indus- trial Average closed up 83.66 points, or 0.81 per- cent, at 10,392.9. Boeing climbed 1.7 percent as the Federal Reserve Bank of Philadel- phia said mid-Atlantic manufacturers posted bet- t e r - t h a n - e x p e c t e d improvement this month, paced by new orders. Hewlett-Packard Co. jumped 1.4 percent after posting a 25 percent rise in fiscal first-quarter prof- it and raising its full-year earnings forecast. However, Wal-Mart fell 1.1 percent as its namesake stores experi- enced their first quarterly U.S. sales drop in the retailer's memory. Investors brushed aside a pair of disappointing economic reports that limited gains earlier in the session. The Labor Department's weekly report showed initial claims for jobless benefits last week increased more than economists expect- ed. Separately, the depart- ment's producer-price index for finished goods last month rose more than expected. Steven Goldman, mar- ket strategist at Weeden & Co., said the market's recent drops set the stage for a slower, steadier climb. "The market, having had this pull-back, can now withstand some of the news items if they're negative," he said. "We're still in a bull market." Other investors noted that earnings showed an uptick in consumers' abil- ity to spend. Benny Lorenzo, chairman and chief executive of Kauf- man Brothers, noted that Wal-Mart's sales drop came as consumers "may be trading up from Wal- Mart to be able to spend at a little higher price point." The Nasdaq Compos- ite Index rose 15.42, or 0.69 percent, to 2,241.71. 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He is a widower and has one daughter. George is a fun loving man and say's he really likes Dancing Girls and We're sure they really like him. George has been a Tehama County resident for over 50 years. To nominate a Senior please send the name of the senior and their phone number to: PO Box 338 Red Bluff CA 96080 Stocks finish higher as investors focus on earnings Wall Street