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NEW YORK (CNNMoney)
The Dow Jones industrial average gained more than 100 points, or 0.7%, while the S&P 500 also rose 0.7%, to an all-time high.
The Nasdaq rose slightly to trade at the highest levels in over a decade. (Click here for more on stocks, bonds, commodities and currencies)
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Healthy earnings propel stocks: IBM (IBM, Fortune 500) shares climbed after the tech stalwart said its net income for the second quarter rose 3% to $4.3 billion, excluding special charges. IBM also raised its outlook for the year. The company's stock was among the top performers in the Dow Thursday.
Shares of Morgan Stanley (MS, Fortune 500) jumped after the financial firm reported a quarterly profit in line with estimates, though revenue beat forecasts. Shares of rival banks including Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) also increased sharply.
UnitedHealth Group (UNH, Fortune 500) also reported earnings above forecasts and improved its outlook. Shares of the insurance giant were among the the best performing in the S&P 500.
"A lot of these earnings are stepping over an extremely low bar, but still stepping over the bar, which is reason for some optimism," said Kim Forrest, senior equity analyst at Fort Pitt Capital Group.
In other earnings news, Verizon (VZ, Fortune 500) reported a 21% jump in quarterly net income from a year earlier. But shares of the company dipped due to a worse-than-expected wireless service profit margin.
Nokia's (NOK) stock price dropped after the Finnish phone maker reported a 24% plunge in quarterly sales from a year earlier.
Late Wednesday, Intel (INTC, Fortune 500) reported second-quarter profits that fell 29% versus a year prior, sending shares lower. The company also said it expects revenue to be flat this year, after previously forecasting a modest increase.
Aside from earnings, Dell (DELL, Fortune 500) shares rose after the company postponed the final vote on its pending $24.4 billion buyout offer from founder Michael Dell and private equity firm Silver Lake in an effort to "solicit further shareholder votes," according to comments made by special committee member Alex Mandl.
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Jobless claims drop: Initial jobless claims declined more than expected to 334,000 for the week ended July 13, the lowest level since early May. Claims were expected to drop to 348,000, according to Briefing.com's consensus of economist forecasts.
The four-week moving average, which smooths out some of the volatility in the weekly reading, also declined slightly. Over the past few months, it's been hovering near levels not seen since 2008.
Bernanke: Bernanke appeared before the Senate Banking Committee Thursday. He testified before the House Financial Services Committee on Wednesday, reiterating that the Fed will keep its stimulus policies in place for as long as necessary.
His testimony will be the same but investors will be closely listening to the Q&A period to see if Bernanke continues to stick to his core position, which is that monetary policy will remain highly accommodative.
First Published: July 18, 2013: 9:43 AM ET
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