The U.S. stock market rose on Thursday after a series of
declines in the wake of uncertainty over the
Federal Reserve's timeline
for tapering its quantitative easing program.
Although the gains were muted, the rally snapped a 3-day
losing streak for U.S. equities. Crude oil futures fell for the
fifth consecutive session while strength was seen in precious
metals on Thursday. The U.S. Dollar recorded moderate losses
while long-term Treasury prices rose modestly.
The Dow Jones Industrial Average rose around 28 points, or
0.18 percent, to close at 15,498.
The S&P 500 added a little less than 7 points, or 0.39
percent, to 1,697.
The Nasdaq gained 15 points, or 0.41 percent, to 3,669.
jobless claims increased
from 328,000 for the week ending July 27 to 333,000 for the week
ending August 3. This compared to consensus estimates calling for
an increase to 340,000.
Continuing claims rose from 2.951 million for the week ending
July 20 to 3.018 million for the week ending July 27. The
consensus expected continuing claims to rise to 2.975
Is Tesla overvalued?
Crude oil prices declined on Thursday. At last check,
NYMEX crude futures were trading down
0.80 percent to $103.53. Brent futures had lost 0.63 percent to
$106.76. Natural gas futures rose a little better than 2 percent
on the session to $3.31.
Precious metals prices moved up strongly on Thursday. Near the
close of equities, COMEX gold futures were up better than 2
percent while silver futures had climbed around 4 percent. Gold
was last trading at $1,313.00 while silver contracts were trading
hands at $20.30.
The grains complex was mostly higher on the day, although
wheat futures recorded a loss. At last check, corn was up 0.33
percent while wheat had shed 0.35 percent. Movers in soft
commodities included cocoa and cotton, with each gaining around 1
Long-term Treasury prices had
recorded moderate gains late on Thursday
. Heading into the closing bell for equities, the iShares
Barclays 20+ Year Treasury Bond ETF (NYSE:
) was up around 0.19 percent to $107.00.
Treasury yields were as follows on Thursday afternoon: The
2-Year Note was yielding 0.30 while the 5-Year Note yield was at
1.36 percent. The 10-Year Note and 30-Year Bond were yielding
2.59 percent and 3.67 percent, respectively.
Late in the day, the U.S. Dollar was sitting on moderate
losses. Near the close, the PowerShares DB US Dollar Index
Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a , was
down 0.32 percent to $21.91.
The closely watched EUR/USD pair was up 0.41 percent to
$1.3387. Other movers included the USD/CAD, which fell 1.03
percent, and the AUD/USD, which climbed 1.46 percent.
Volatility and Volume
The CBOE Volatility Index (VIX) pulled back from its recent
highs as stocks rose on Thursday, snapping a 3-day streak of
declines. Late in the day, the VIX was down 2.23 percent to
Volume picked up on the session, but remained well-below the
3-month average. Around 81 million SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month average of almost 133
Investors reacted to Q2 earnings results and full-year
guidance from Orbitz Worldwide (NYSE:
) by pushing the stock up more than 37 percent on Thursday
) surged more than 21 percent after the company released its
fiscal Q2 earnings results.
Shares of online daily deals site Groupon (NASDAQ:
) were trading after the company reported better-than-expected
fiscal second-quarter financial results.
Strong Q2 results propelled shares of Wageworks (NYSE:
) up more than 19 percent near Thursday's close.
Tesla Motors with a 14 percent gain after the company's fiscal
second-quarter financial results.
Tower Group International (NASDAQ:
) fell around 24 percent on the day after the company postponed
its second-quarter earnings release.
A wider-than-expected loss in the company's fiscal
fourth-quarter sent shares of Fusion-IO skidding on Thursday. The
stock was last trading down almost 24 percent near the close.
Investors dumped shares of Imperva (NYSE:
) after the company reported less-than-stellar results for its
fiscal second-quarter. The stock fell around 15 percent on the
Halcon Resources (NYSE:
) lost around 11 percent after the company priced a secondary
offering of common stock.
Disappointing Q2 results from Tumi Holdings (NYSE:
) sent that stock down almost 12 percent on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Profit with More New & Research
. Gain access to a streaming platform with all the information
you need to invest better today.
Click here to start your 14 Day Trial of Benzinga