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Small-cap stocks pushed higher Thursday, with the Russell 2000 (NYSE:IWM) climbing 8.96, or 1.27%, to 717.07. Small caps assumed leadership among equity index products on the rise, fueled by a bounce in the U.S. dollar and a drop in crude oil prices. Financial stocks and insurers provided a significant lift to equities big and small, with Merrill Lynch (NYSE:MER) jumping nearly 8% as the company raised its dividend, and insurance giant Travelers (NYSE:TRV) climbing 5% as the company upgraded its 2008 outlook.

Commodities took a tumble today, which may have eased some of the food and energy fears that have weighed on investor psyche and made headlines in national and international media. Just two days after a USA Today poll said that rising food costs were a major concern for a majority of consumers, news hit around the country of rice being rationed at grocery stores because of shortages. However, the Commodity Research Bureau Index tumbled 1.6% today, which may have provided a lift to stocks, especially since crude oil came off about $3 per barrel from its lofty perch.

Investors also appeared to breathe a sigh of relief about the economic outlook when weekly claims came out at 342,000, much better than the forecast of 375,000. Even though durable goods orders were relatively soft and the New Home Sales report was awful, market focus seemed to settle in on the claims data as a bright enough spot to counter the other economic news. As it stands, the durables data tends to fluctuate quite a bit month-to-month, and everyone already knows that the housing market is floundering. The only data of note Friday morning comes from the Michigan . . .

AmericanWest Bancorp. (Nasdaq:AWBC), Monarch Casino & Resort, Inc. (Nasdaq:MCRI) and Vasco Data Security International, Inc. (Nasdaq:VDSI) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $750 million.

L.B. Foster Co. (Nasdaq:FSTR), Taser International, Inc. (Nasdaq:TASR) and Barrett Business Services, Inc. (Nasdaq:BBSI) are also among the top small-cap percentage losers.

Here are Thursday's biggest percentage losers among small caps:

Small-cap shares pushed lower early Thursday, unable to sustain a mild opening bump when weekly claims numbers came in better than expected. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was down 6.46, or 0.91%, at 701.65.

The New Home Sales report, which came out at 10:00 a.m. ET were weak, which was no surprise, and took some of the supportive edge off the weekly claims data. New home sales were at an annual rate of 526,000 last month, which was below the forecast of 585,000, and was the lowest rate since October 1991.

It should be noted that durable goods orders, which also came out ahead of the opening this morning, were softer than expected. In addition, the weekly claims figures are often volatile, and even though today’s headline number was better than the forecast, the claims numbers still point to extensive layoffs and a rise in the unemployment rate.

Even though the market was able to sink its teeth into some fresh economic data this morning for the first time since Tuesday, the focus point remains fixed on earnings, which served up mixed signals into today’s action.

Among large-cap headline companies, Starbucks Corp. (Nasdaq:SBUX) missed the forecast and was pummeled early today, trading down 10% just after the cash U.S. opening. In addition, Amazon.com Inc. (Nasdaq:AMZN) had sloppy results and was down 4% early today. On the upside, Ford Motor Co. (NYSE:F) had a surprising . . .

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Encore Wire Corp. (Nasdaq:WIRE), up 20% after swinging to a first-quarter profit that substantially beat the Street.

• Spartan Motors Inc. (Nasdaq:SPAR), up 15% on first-quarter earnings and revenue that substantially beat the Street.

• Pozen, Inc. (Nasdaq:POZN), up 8%.

Biggest percentage losers:

• Monarch Casino & Resort, Inc. (Nasdaq:MCRI), down 11% after reporting first-quarter results that declined from the year-ago period and missed analysts’ estimates.

• L.B. Foster Company (Nasdaq:FSTR), down 9% after reporting first-quarter revenues that missed the consensus on Wall Street.

• LSI Industries Inc. (Nasdaq:LYTS), down 8%, after reporting first-quarter earnings declined 70% from the year ago period and missed analysts’ estimates.

Stocks have moved into positive territory this afternoon, with the Russell 2000 (NYSE: IWM) leading the way up. At 2:11 p.m. ET, the small-cap index had added 8.90 points, or 1.11%, to 807.69. The Dow Jones Industrial Average (INDU) was up 46.99 points, or 0.35%, to 13,569.01.

Small caps are posting solid gains with two hours left in the session after spending the morning alternating between the green and the red.

Trading began on a bearish note due to fears of a U.S. economic slowdown. Finance ministers and central bankers from the G7, the world’s top seven industrialized countries, said over the weekend that U.S. economic growth will decelerate due to tighter credit, the housing slump and the high price of oil.

Contributing to the negative mood was news that financial services giant Lehman Brothers Holdings Inc. (NYSE: LEH) has downgraded the mortgage finance sector as well as individual finance companies. Among small caps, Luminent Mortgage Capital, Inc. (NYSE: LUM) is sagging, while Capstead Mortgage Corp. (Nasdaq: CMO) has moved higher.

Elsewhere, the price of commodities has fallen on expectations that slower economic growth will hurt demand for raw materials. The price of oil has fallen $0.83, to $87.77 a barrel.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Radiation Therapy Services Inc. (RTSX), up 43% on news of a buyout.
• Ceragon Networks Ltd. (CRNT), up 16% on news third-quarter profit doubled.
• Standard Pacific Corp. (SPF), up 14%.

Biggest percentage losers:

• Silicom Ltd. (SILC), down 22%.
• L. B. Foster Company (FSTR), down 12%.
• SulphCo Inc. (SUF), down 13%.