Wall Street drifted through mixed trading Thursday as rising fashion and cigarette stocks worked against drops for Ford Motor and Qualcomm. The S&P 500 rose 0.4% following healthy gains for stock markets across much of Europe and Asia.

Key U.S. market averages were mixed Thursday, as investors sorted through a new wave of earnings reports and labor-market updates, including a jump in job cuts, ahead of Friday's monthly U.S. payrolls report.

Asian shares are trading mostly higher after a Wall Street rally that followed profit reports from major companies

Wall Street is drifting as drops for Ford Motor and Qualcomm work against buoyant fashion and cigarette stocks. The S&P 500 slipped 0.1% Thursday following healthy gains for stock markets