Overnight Update: The US stock market erased early morning losses Thursday but lacked a clear direction, with indexes dipping in and out of negative territory

Overnight Update: The US stock market erased early morning losses Thursday but lacked a clear direction, with indexes dipping in and out of negative territory. Treasury prices of intermediate-term debt recovered losses Thursday after an auction of 7-year debt saw a record high demand from direct bidders. The dollar extended gains versus most major rivals after data showed a larger-than-expected drop in first-time jobless claims. Gold futures lost their hold on the $1,300-an-ounce mark, as the dollar edged higher in the wake of better-than-expected economic data. Oil prices rose further above the $100. European stocks failed to gain traction on Thursday, bogged down by bank-related losses in London and slightly weaker-than-expected US growth data. London: BHP down 0.08% RIO down 0.88%. New York: BHP up 0.24% RIO down 0.13% Base metals on the LME traded higher across the complex.