Dow Defies Trade Drama as Booming Jobs Data Spellbinds Wall Street
A resurgent Dow Jones Industrial Average pounded higher on Thursday. | Source: Shutterstock
By CCN: The Dow and broader U.S. market raced deeper into recovery mode on Thursday after a pair of blue-chip companies reported better than expected quarterly earnings and fewer Americans applied for jobless benefits last week.
Dow Extends Blockbuster Rally; S&P 500, Nasdaq Follow
All of Wall Street’s benchmark indexes reported significant growth on Thursday, mirroring a strong pre-market session for Dow futures. The Dow Jones Industrial Average surged 272 points, or 1.1%, to 25,820.11.
Dow blue-chips Walmart Inc. (WMT) and Cisco Systems Inc. (CSCO) rose sharply after the companies reported better than expected quarterly earnings.
The broad S&P 500 Index of large-cap stocks gained 1.2% to 2,885.90. All 11 primary sectors recorded gains. Financials and materials were the largest percentage gainers on Thursday.
Strong performances in communication services and information technology propelled the Nasdaq Composite Index higher. The tech-driven average rose 1.3% to 7,921.89.
U.S. Labor Market Tightens
The U.S. labor market tightened much more than expected last week, further validating the Trump administration’s economic recovery.
Economists at the Labor Department said the number of Americans filing for unemployment benefits dropped by 16,000 to a seasonally adjusted 212,000 in the week ended May 11.