Stocks jumped on Thursday as jobless claims hit a 5-year low,
spurring investor enthusiasm.
The consensus had expected jobless levels to rise. The U.S.
dollar also climbed on the day as the euro currency recorded a
sharp loss and looks to test the $1.30 level once again.
Volatility levels on Wall Street remain low and investors were
happy to see the market rebound so quickly from Wednesday's
losses. The Dow and S&P 500 recorded gains of just under 1
percent while the Nasdaq climbed better than 1 percent.
The Dow Jones Industrial Average rose 131 points, or 0.89
percent, to 14,832.
The S&P 500 climbed 15 points, or 0.94 percent, to
The Nasdaq Composite added 41 points, or 1.26 percent, to
Initial jobless claims fell from 342,000 for the week ending
April 20 to 324,000 for the week ending April 27. This was the
lowest reading since January 2008 and fell well below consensus
estimates calling for an increase to 346,000.
The continuing claims level rose to 3.019 million for the week
ending April 20 from 3.007 million for the week ending April 13.
This compared to consensus estimates calling for an increase to
Crude oil surged along with the stock market on Thursday. Late
in the day, NYMEX crude futures were up a little better than 3
percent to $93.92. Brent contracts had added a little less than 3
percent to $102.73. Natural gas plunged more than 6 percent on
the day and was last trading at $4.05.
Precious metals moved higher on Thursday. COMEX gold futures
were last up around 1.44 percent to $1,467.00 while silver
futures had climbed 2 percent to $23.80. Copper added around 1
percent on the day.
The grain complex was mostly higher on the session. Corn
futures were last up 2.36 percent while wheat had added 1
percent. Movers in soft commodities included coffee, which
climbed 3.50 percent, and cotton, which added roughly 2
Near the close of equities, the iShares Barclays 20+ Year
Treasury Bond ETF (NYSE:
) was trading down 0.06 percent to $123.91. Bond yields were
unchanged across the board on Thursday.
The U.S. dollar was sharply higher on Thursday. Near the
close, the PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, had jumped 0.72 percent to $22.34.
The closely watched EUR/USD pair was last down 1.17 percent to
$1.3057. Other movers included the USD/JPY, which climbed 0.56
percent, and the GBP/USD which fell 0.37 percent.
Volatility and Volume
Volatility expectations fell on Thursday as the markets rose.
Late in the session, the VIX was down around 6 percent to
Volume was lighter than normal with around 85 million SPDR
S&P 500 ETF (NYSE:
) shares trading hands compared to a 3-month daily average of 128
) jumped 27 percent on Thursday after the company released
bullish Q1 earnings and sales results.
) added almost 6 percent after its quarterly results were
released after the closing bell on Wednesday.
Boston Beer (NYSE:
) fell nearly 12 percent on the session after the company
disappointed investors with its first-quarter financial
Prudential Financial (NYSE:
) rose 7 percent on the day after easily topping Q1 profit
Generac Holdings (NYSE:
) surged almost 10 percent after reporting strong quarterly
financial results and raising its revenue forecast for the
Halcon Resources (NYSE:
) fell a little more than 9 percent after the company's
Hornbeck Offshore (NYSE:
) rose almost 15 percent despite reporting a lower profit for the
Shares of Elizabeth Arden (NASDAQ:
) climbed more than 8 percent on Thursday after the company
reported upbeat Q3 numbers.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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