NEW YORK – Stocks rose modestly for a second straight session Thursday as unemployment claims fell unexpectedly and consumer spending grew, if somewhat tepidly, without triggering inflation.

The Labor Department reported that first-time jobless claims fell to a better-than-expected 318,000 last week, down by 13,000 from the previous week. And while the Commerce Department reported a modest 0.3 percent rise in both personal income and consumer spending last month, the report also pointed to falling inflation risks.

Disappointing earnings from Micron Technology Inc. threatened to pressure technology stocks, which have been battered this month as investors moved to less risky, large-cap stocks. But other tech stocks made gains, led by strong earnings from Research In Motion Ltd.

However, light volume – blamed in equal measure on the upcoming holidays and New York’s transit strike – meant little interest in bidding stocks substantially higher, analysts said.

“Right now, there’s just a lack of solid trading volume out there, so we’re struggling to move higher based on the good news we have,” said Peter Cardillo of S.W. Bach & Co. “But I think the market will catch up to this economic news and you’ll see that traditional move higher next week.”

The Dow Jones industrial average rose 55.71, or 0.51 percent, to 10,889.44.

Broader stock indicators also were higher. The Standard & Poor’s 500 index added 5.33, or 0.42 percent, to 1,268.12, and the Nasdaq composite index gained 14.83, or 0.66 percent, to 2,246.49.

Bonds moved sharply higher after two previous down sessions, with the yield on the 10-year Treasury note falling to 4.43 percent from 4.49 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices moved higher.

Crude-oil futures for February delivery fell 28 cents to settle at $58.28 Thursday on the New York Mercantile Exchange.