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NEW YORK (CNNMoney)
The S&P 500 climbed more than 1% and topped 1,700 for the first time ever, while the Dow Jones industrial average also advanced 1% to a record high.
The Nasdaq gained 1.2% to trade at its highest level in almost 13 years.
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Economic data gives a boost: Stocks have been driven by positive economic news this week and Thursday was no different.
The Labor Department reported that the number of Americans filing first-time claims for unemployment benefits fell to a five-year low. That's good news ahead of the government's monthly jobs report, due Friday.
Economists surveyed by CNNMoney expect the economy will have added 180,000 jobs in July, and that the unemployment rate will have ticked lower.
Related: Fear & Greed Index
The Institute for Supply Management also delivered positive news Thursday. The group's monthly manufacturing sentiment index rose to 55.4, the highest level in two years. Any number above 50 signals growth.
But a separate report from the Census Bureau showed that construction spending declined 0.6% in June, surprising analysts who were expecting a slight rise.
Major automakers will release their monthly sales results throughout the day.
Investors were also calmed by indications that the Federal Reserve will not be too hasty when scaling down its massive bond buying program.
Check out how global stock markets are doing
What's moving: Procter & Gamble (PG, Fortune 500) reported better-than-expected earnings and sales for its fiscal fourth quarter.
Exxon Mobil (XOM, Fortune 500) reported quarterly earnings that fell short of forecasts, citing weaker refining margins, while revenue topped estimates.
Royal Dutch Shell (RDSA) shares dropped after the company reported earnings and revenue that missed estimates. The company cited higher costs, exploration charges and challenges in Nigeria, where oil thefts and supply disruptions have hit Shell's bottom line.
Barrick Gold Corp. (ABX) shares slipped after it booked a quarterly charge of $8.7 billion in the second quarter, driven by falling gold prices.
Shares of DirecTV (DTV, Fortune 500) fell after the satellite television provider posted earnings that widely missed forecasts. LinkedIn (LNKD) is due after the close.
Yelp (YELP) shares jumped more than 20% after the online review site reported a smaller-than-expected quarterly loss late Wednesday.
Sony (SNE) shares rose after the company reported first-quarter results showing a 13% jump in sales compared with the same quarter a year earlier. The revenue boost was largely the result of a weaker yen and stronger smartphone sales.
Related: Facebook investor: I'm buying more
Shares of J C Penney (JCP, Fortune 500) rebounded following a 10% sell-off Wednesday. The retailer issued a statement early Thursday disputing reports that CIT (CIT, Fortune 500) had cut off some of the credit to its suppliers due to concerns about Penney's ability to pay them.. However, an analyst for Citigroup cut her recommendation on the stock to a "sell" from "neutral."
First Published: August 1, 2013: 9:49 AM ET
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