Markets

Close Update: S&P 500 Closes At 7-Month High With Rebound in Oil

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Wall Street turned positive late on Thursday to close at the session highs, buoyed by a rebound in oil, continued accommodation by the European Central Bank, and job data that indicated a tightening labor market but tame enough to keep the Federal Reserve sidelined this month. The S&P 500 breached key resistance at 2,100 just before the close, closing at its highest level in seven months. Of the ten S&P 500 sectors, seven were in the green led by healthcare stocks as robust IPO and M&A action continued to elevate the sector.

Wall Street was defensive into today's open as a result of selling pressure on oil as investors braced for a statement out of Vienna from the Organization for Petroleum Exporting Countries (OPEC). A knee-jerk reaction to the statement that excluded mention of production caps eventually dissolved, and oil recovered when Energy Information Agency ( EIA ) data showed a decline in domestic crude stockpiles and production.

European equities all closed in the red despite assurances by European Central Bank president Mario Draghi to keep interest rates low and QE unchanged at current levels. The ECB head also said that the central bank will begin buying corporate bonds starting June 8 to add to its growing portfolio of sovereign bonds.

Today's economic data included a below-consensus gain in private payrolls of 173,000 in May, according to a monthly survey by Automated Data Processing. April, however, was revised up by 10,000 to 166,000.

Additionally, initial jobless claims increased by 1,000 to an as-expected 267,000.

Both did little to change projections for non-farm payrolls to increase 158,000 in May, and the jobless rate to drop to 4.9% from 5.9%.

Friday's other data includes the trade deficit for April, expected to widen to $41.0 billion, the May ISM non-manufacturing index, forecast to decline to 55.5 from 55.7 in April, and April factory orders, projected to increase 2.0%.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was up 48.89 points (+0.27%)

S&P 500 was up 5.93 points (+0.28%)

Nasdaq Composite Index was up 19.11 (+0.39%)

GLOBAL SENTIMENT

FTSE 100 was down 0.10%

Nikkei 225 was down 2.32%

Hang Seng Index was down up 0.47%

Shanghai China Composite Index was up 0.40%

UPSIDE MOVERS

(+) EBIO (+34.85%) Regains Nasdaq compliance

(+) RPRX (+18.34%) On track to submit European centralized marketing authorization for enclominphen

(+) AKAO (+12.99%) Patient enrollment in final stage EPIC registration trial of Plazomicin reaches 50%

(+) CIEN (+12.78%) Reported better-than-expected quarterly results

(+) BWEN (+10.95%) Wins $137 million wind turbine tower supply deal

DOWNSIDE MOVERS

(-) OPTT (-30.96%) Prices $1.9 million stock and warrant offering

(-) SRPT (-26.62%) FDA Announces "compassionate use" guidelines for Duchenne muscular dystrophy drug

(-) CONN (-26.30%) Swung to a loss for Q1, lowered FY17 guidance

(-) BOX (-11.48%) Beat Q1 expectations and raised FY guidance, but billings were below expectations

(-) HERO (-5.73%) Enters confidentiality agreement relating to negotiations around possible recapitalization

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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