Indices Make Gains over Data, Earnings
Stocks rose on Thursday, buoyed by fresh economic data reports along with a slew of corporate earnings releases.
The Dow Jones Industrials gained 59.2 points to begin Thursday at 44,313.98
The S&P 500 index added 10.41 points to 6,274.11.
The NASDAQ Composite surged 76.8 points to 20,807.29.
This week, the S&P 500 is trading higher by 0.3%. The 30-stock Dow is up 0.2%, while the NASDAQ has jumped 0.9%.
PepsiCo shares jumped more than 5% on the back of better-than-expected earnings. United Airlines gained 6% after the airline beat earnings estimates.
Quarterly earnings reports released this week have exceeded Wall Street’s expectations, fueling investor confidence. Around 50 S&P 500 components have reported thus far, with 88% of those exceeding analysts’ expectations.
Key data releases on Thursday reflected strength in the U.S. economy. The Labor Department reported Thursday that jobless claims for the week ending July 12 came out at 221,000, marking a decrease of 7,000 from the previous week.
Separately, retail sales in June rose more than expected, according to new data from the U.S. Census Bureau. Retail sales were up 0.6% from May, beating the 0.2% estimate from the Dow Jones consensus.
Wall Street is coming off a volatile trading session after President Donald Trump denied that he was planning to fire Federal Reserve Chairman Jerome Powell from his position as Fed chief.
Prices for the 10-year treasury gained ground, pushing down yields to 4.44% from Wednesday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices restocked 24 cents to $66.62 U.S. a barrel.
Gold prices fell $28.00 to $3,331.10 U.S. an ounce.
