US close: Stocks higher as jobless claims beat expectations

Wall Street stocks were in positive territory at the close on Thursday, thanks to some better-than-expected jobless claims data and corporate results.

At the end of the session, the Dow Jones Industrial Average was up 0.9% at 34,035.99, as the S&P 500 added 1.11% to 4,170.42 and the Nasdaq Composite advanced 1.31% to 14,038.76.

The Dow closed 305.1 points higher on Thursday, extending gains recorded in what turned out to be a mixed session for major indices on Wednesday as market participants rifled through some strong earnings from several of the nation's largest banks.

Traders were digesting news that the number of Americans signing up for unemployment benefits fell to 576,000 in the week ended 10 April, the lowest number recorded since the beginning of the Covid-19 pandemic.

According to the Labor Department, applications crashed 193,000 from last week's revised print of 769,000, with the weekly print now remaining sharply below early January's peak of 900,000.

Continuing jobless claims came in at 3.73m, broadly flat on the prior week's print of 3.72m.

Elsewhere on the macro front, the Philadelphia Fed manufacturing current index rose from 44.5 to 50.2 in April to its highest level in nearly 50 years, while the Empire State Manufacturing Index of general business conditions rose to 26.3 in April.

That was up from 17.4 and well above expectations for a print of 18.2 to a multi-year high, well past levels seen prior to the Covid-19 pandemic.

Still on data, production at US factories jumped the most it has in eight months during March, with manufacturing returning to a path of solid growth following weather-related setbacks in February.

According to the Federal Reserve, the 2.7% increase in output followed a downwardly revised 3.7% decline in February, while total industrial production, which also includes mining and utility output, rose 1.4% in March after a revised 2.6% decrease in the previous month.

The NAHB's housing market index for April showed that sentiment amongst builders rose one point to 83, with builders facing strong demand from potential buyers due to the existing home market continuing to suffer from record low numbers of listings.

Corporate earnings were firmly in focus on Thursday, with Bank of America falling 2.86% even after it posted earnings that came in well ahead of expectations on the Street thanks to a solid performance from its trading and investment units and the release of loan-loss reserves.

PepsiCo shares were up 0.14% after the drinks and snacks maker posted a 7% jump in quarterly sales, topping estimates.

Dow constituent UnitedHealth advanced 3.83% after its quarterly results topped analysts' expectations, and the insurer raised its full-year 2021 guidance.

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $390.01 3.83%
Amgen Inc. (AMGN) $255.13 2.21%
Salesforce.Com Inc. (CRM) $233.00 2.18%
Visa Inc. (V) $226.28 1.94%
Apple Inc. (AAPL) $134.50 1.87%
Microsoft Corp. (MSFT) $259.50 1.53%
Intel Corp. (INTC) $65.02 1.29%
Procter & Gamble Co. (PG) $137.24 1.21%
Nike Inc. (NKE) $133.67 1.07%
Goldman Sachs Group Inc. (GS) $338.55 0.95%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $53.72 -1.38%
Walt Disney Co. (DIS) $185.93 -0.82%
Chevron Corp. (CVX) $103.42 -0.82%
Travelers Company Inc. (TRV) $154.36 -0.69%
Boeing Co. (BA) $251.11 -0.52%
International Business Machines Corporation (CDI) (IBM) $132.58 -0.04%
Caterpillar Inc. (CAT) $232.52 -0.03%
Dowdupont Inc. (DWDP) $30.52 0.00%
Verizon Communications Inc. (VZ) $57.70 0.00%
Honeywell International Inc. (HON) $229.84 0.20%

S&P 500 - Risers

Advanced Micro Devices Inc. (AMD) $83.01 5.68%
Nvidia Corp. (NVDA) $645.49 5.63%
Coty Inc. Class A (COTY) $9.13 5.55%
Xilinx Inc. (XLNX) $130.10 5.25%
Newmont Corporation (NEM) $64.78 4.74%
Freeport-McMoRan Inc (FCX) $37.83 4.19%
Unitedhealth Group Inc. (UNH) $390.01 3.83%
Equinix, Inc. (EQIX) $718.85 3.53%
Molson Coors Beverage Co. Class B (TAP) $52.94 3.50%
Thermo Fisher Scientific Inc. (TMO) $494.38 3.42%

S&P 500 - Fallers

Truist Financial Corp. (TFC) $57.22 -4.14%
MGM Resorts International (MGM) $39.69 -3.81%
Nordstrom Inc. (JWN) $35.94 -3.20%
Norwegian Cruise Line Holdings Ltd (NCLH) $28.28 -3.18%
Charles Schwab Corp. (SCHW) $65.50 -2.88%
Bank of America Corp. (BAC) $38.74 -2.86%
Delta Airlines Inc. (DAL) $46.82 -2.80%
Occidental Petroleum Corp. (OXY) $24.86 -2.70%
Halliburton Co. (HAL) $21.08 -2.68%
National Oilwell Varco Inc. (NOV) $13.44 -2.61%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $645.49 5.63%
Xilinx Inc. (XLNX) $130.10 5.25%
Mercadolibre Inc. (MELI) $1,599.48 3.42%
Charter Communications Inc. (CHTR) $636.00 3.06%
Regeneron Pharmaceuticals Inc. (REGN) $494.64 2.80%
Idexx Laboratories Inc. (IDXX) $528.46 2.78%
Microchip Technology Inc. (MCHP) $160.42 2.62%
Paypal Holdings Inc (PYPL) $274.00 2.54%
eBay Inc. (EBAY) $64.36 2.50%
Adobe Systems Inc. (ADBE) $523.25 2.47%

Nasdaq 100 - Fallers

Baidu Inc. (BIDU) $210.23 -2.79%
Walgreens Boots Alliance, Inc. (WBA) $53.72 -1.38%
American Airlines Group (AAL) $22.13 -1.07%
NetEase Inc. Ads (NTES) $105.84 -0.99%
Hasbro Inc (HAS) $99.01 -0.98%
Wynn Resorts Ltd. (WYNN) $127.92 -0.88%
Booking Holdings Inc. (BKNG) $2,433.21 -0.86%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $326.32 -0.83%
JD.com, Inc. (JD) $77.49 -0.81%
Expedia Group Inc. (EXPE) $170.55 -0.68%