U.S. stocks hit another record high on jobs data; Dow rises 0.58%

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Investing.com - U.S. stocks rose on Thursday, with the Dow Jones Industrial Average closing at another record high and the S&P 500 not far off after data revealed that fewer Americans filed for initial jobless benefits last week than expected.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.58%, the S&P 500 index ended up 0.56%, while the Nasdaq Composite index rose 0.43%.

It was the Dow's first 10-day rally since 1996, while the S&P 500 narrowed in on a 2007 record high.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial weekly jobless benefits in the week ending March 10 fell by 10,000 to 332,000, defying expectations for an increase of 8,000 to 350,000.

Solid wholesale pricing data in the U.S. boosted spirits as well.

The Bureau of Labor Statistics said the U.S. producer price index rose 0.7% in February from January, in line with expectations, after rising 0.2% in January from December.

The monthly core producer price index rose 0.2% in February, in line with expectations after rising 0.2% in January.

Leading Dow Jones Industrial Average performers included Hewlett-Packard, up 2.91%, IBM, up 1.76%, and JPMorgan Chase, up 1.66%.

The Dow Jones Industrial Average's worst performers included Merck, down 0.76%, Home Depot, down 0.72%, and Caterpillar, down 0.65%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 1.48%, France's CAC 40 rose 0.93%, while Germany's DAX 30 finished up 1.10%. Meanwhile, in the U.K. the FTSE 100 finished up 0.74%.

The U.S. on Friday will release official data on consumer inflation and preliminary data from the University of Michigan on consumer sentiment. The U.S. is also to release data on industrial production, the capacity utilization rate and manufacturing activity in New York state.

Elsewhere, options will expire, while markets will digest the results of the Federal Reserve's stress tests given to the nation's banks, all of which could move equities markets on Friday.

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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.

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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