Stocks Climb on Economic, Earning Data
Stocks rose on Thursday, buoyed by fresh economic data reports along with a slew of corporate earnings releases.
The Dow Jones Industrials rumbled 199.54 points higher to pause for lunch Thursday at 44,454.32
The S&P 500 index added 30.51 points to 6,294.21.
The NASDAQ Composite surged 168.52 points to 20,899.01.
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, FactSet data shows.
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 lost ground, pushing yields back up to Wednesday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices restocked 73 cents to $67.11 U.S. a barrel.
Gold prices fell $17.50 to $3,341.60 U.S. an ounce.
