US close: Stocks higher as Apple buoys Nasdaq

Wall Street stocks were higher at the end of trading on Thursday as major indices reclaimed some of their recent losses.

At the close, the Dow Jones Industrial Average was up 0.54% at 37,468.61, while the S&P 500 advanced 0.88% to 4,780.94 and the Nasdaq Composite saw out the session 1.35% stronger at 15,055.65.

The Dow closed 201.94 points higher on Thursday, reclaiming losses recorded in the previous session.

Market participants have grown worried that a strong December retail sales report could result in fewer-than-anticipated rate cuts from the central bank, with traders currently pricing in an approximately 56% chance of a quarter percentage point rate cut in March. Of note, the yield on the benchmark ten-year Treasury note was up almost four basis points at the close of trading to sit at 4.146% following some fresh jobs data.

On the macro front, Americans lined up for state assistance at a decelerated pace in the week ended 18 January, according to the Labor Department. Initial jobless claims fell by 16,000 week-on-week to 187,000 for the lowest reading since September 2022 and well below market expectations for a print of 207,000. Continuing claims fell by 26,000 to 1.8m in the earlier week, the least since October 2023, indicating that Americans were having a somewhat easier to get into new positions, while the four-week moving average, which aims to strip out week-to-week volatility, fell by 4,750 to 203,250.

Elsewhere, housing starts in the US fell less than expected in December while building permits rose strongly, according to data released on Thursday by the Census Bureau. On a seasonally adjusted annual rate, privately‐owned housing starts fell 4.3% over the month to 1.460m, reversing sharply after 10.8% growth in November. However, this was 7.6% ahead of December 2022 and above the consensus estimate of 1.426m.

Finally, the Philadelphia Fed's manufacturing index rose 2.2 points in January to a reading of -10.6 for an 18th negative reading in the past 20 months. The indices for current new orders and current shipments both rose in January but also remained in negative territory.

On another note, Atlanta Fed president Raphael Bostic said he expects the central bank to start cutting rates in the third quarter, a slower pace than the market currently anticipates.

In the corporate space, Apple shares were up in after the tech behemoth was on the receiving end of an upgrade from analysts at Bank of America.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $211.61 4.21%
Apple Inc. (AAPL) $188.63 3.26%
Walt Disney Co. (DIS) $92.21 2.07%
Intel Corp. (INTC) $46.74 1.48%
Walmart Inc. (WMT) $163.34 1.35%
Caterpillar Inc. (CAT) $281.81 1.17%
Microsoft Corp. (MSFT) $393.87 1.13%
Salesforce.Com Inc. (CRM) $274.46 1.11%
McDonald's Corp. (MCD) $294.43 1.10%
Cisco Systems Inc. (CSCO) $50.75 0.89%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $516.34 -1.64%
Procter & Gamble Co. (PG) $148.14 -1.20%
Chevron Corp. (CVX) $141.82 -0.91%
American Express Co. (AXP) $179.61 -0.67%
Walgreens Boots Alliance, Inc. (WBA) $22.15 -0.09%
Goldman Sachs Group Inc. (GS) $376.96 -0.07%
Dowdupont Inc. (DWDP) $0.00 0.00%
Nike Inc. (NKE) $100.96 0.12%
Amgen Inc. (AMGN) $304.49 0.13%
Verizon Communications Inc. (VZ) $38.94 0.18%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $0.55 11.43%
Fastenal Co. (FAST) $67.93 7.18%
American Airlines Group (AAL) $13.82 6.88%
Southwest Airlines Co. (LUV) $30.03 6.83%
United Airlines Holdings Inc (UAL) $39.77 4.99%
KLA-Tencor Corp. (KLAC) $590.00 4.89%
Applied Materials Inc. (AMAT) $160.34 4.54%
Lam Research Corp. (LRCX) $785.65 4.35%
QUALCOMM Inc. (QCOM) $145.29 4.29%
Boeing Co. (BA) $211.61 4.21%

S&P 500 - Fallers

Discover Financial Services (DFS) $97.00 -10.80%
Humana Inc. (HUM) $411.98 -7.99%
Keycorp (KEY) $13.20 -4.62%
Gap Inc. (GPS) $18.50 -4.53%
CVS Health Corp (CVS) $73.88 -4.04%
Synopsys Inc. (SNPS) $494.34 -2.66%
Northern Trust Corp. (NTRS) $80.86 -2.51%
Ford Motor Co. (F) $10.99 -2.48%
Albemarle Corp. (ALB) $117.99 -2.25%
Bread Financial Holdings, Inc. (BFH) $29.51 -2.23%

Nasdaq 100 - Risers

Fastenal Co. (FAST) $67.93 7.18%
American Airlines Group (AAL) $13.82 6.88%
KLA-Tencor Corp. (KLAC) $590.00 4.89%
Applied Materials Inc. (AMAT) $160.34 4.54%
Asml Holdings N.V. (ASML) $744.53 4.53%
Lam Research Corp. (LRCX) $785.65 4.35%
QUALCOMM Inc. (QCOM) $145.29 4.29%
Paypal Holdings Inc (PYPL) $62.09 3.67%
Broadcom Inc. (AVGO) $1,143.91 3.65%
Intuitive Surgical Inc. (ISRG) $371.93 3.64%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.81 -3.82%
Synopsys Inc. (SNPS) $494.34 -2.66%
Dollar Tree Inc (DLTR) $132.51 -2.13%
Kraft Heinz Co. (KHC) $37.01 -2.06%
JD.com, Inc. (JD) $22.02 -1.78%
Tesla Inc (TSLA) $211.88 -1.70%
Vodafone Group Plc ADS (VOD) $8.45 -1.40%
Biomarin Pharmaceutical Inc. (BMRN) $92.53 -0.96%
Mondelez International Inc. (MDLZ) $72.91 -0.53%
Incyte Corp. (INCY) $61.18 -0.49%