Stocks Stem 3 Days Of Losses As All Indices Rally

Michael Teague |

Stocks rallied on Thursday to bookend three consecutive days of losses in a rally that lifted all three benchmark indices higher by the closing bell.

The Standard & Poor’s 500 closed 0.39 percent higher at 1,697.47, while the Dow Jones Industrial Average ended at 15,498.24 on an advance of 0.18 percent, and the NASDAQ finished the day at 3,669.12, up 0.41 percent.

The Department of Labor’s weekly initial jobless report was the most significant economic data point of the day. The number of claims for the week came in at 333,000, slightly shy of the 335,000 that economists had expected, while last week’s reading was revised up from 326,00 to 328,000, bringing the four-week average to a nearly six-year low.

Tech stocks propelled the S&P 500 higher, with Microsoft (MSFT) , EMC Corporation (EMC) , and QUALCOMM Inc. (QCOM) ending the day higher on the heavy trading.

Microsoft also led the way on the Dow, followed by farm and construction equipment manufacturer Caterpillar (CAT) and aluminum manufacturer Alcoa ($AA).

Tech shares were also the most heavily traded gainers on the NASDAQ, with Groupon (GRPN) up over 21 percent after releasing a promising second-quarter earnings report in late trading on Wednesday. Other techs that did well include Micron Technology (MU) and Stratasys Inc. (SSYS) , up 14 percent to $98.26.

Tesla Motors (TSLA) continued its exponential rise after releasing its own Q2 earnings report in the previous day’s afterhours session that showed the company registering its second straight quarterly profit, as well as beating significantly on earnings, and finished Thursday over 14 percent higher at $153.50.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
AA Alcoa Inc. 9.75 -0.02 -0.15 5,697,250
CAT Caterpillar Inc. 82.49 0.05 0.06 1,630,209
EMC EMC Corporation n/a n/a n/a 0
GRPN Groupon Inc. 5.22 -0.11 -1.97 1,284,117
MGHOF Meghmani Organics D/Sh 0.18 0.00 0.00 0
MSFT Microsoft Corporation 57.02 -0.41 -0.71 9,941,239
MU Micron Technology Inc. 17.54 0.06 0.34 11,444,293
QCOM QUALCOMM Incorporated 62.35 -0.41 -0.65 2,712,094
SSYS Stratasys Ltd. 22.92 0.89 4.06 877,555
TSLA Tesla Motors Inc. 208.99 1.54 0.74 1,265,727

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