Wall Street Shakes Off Taper Tantrum as Stocks Rally Hard

Michael Teague |

Stocks rallied big in Thursday trading after the Labor Department’s report that initial jobless claims from the previous week rose the most in six weeks was overshadowed by the Department of Commerce's own report that said that US gross domestic product grew 1.9 percent in 2013 from the year before.

  • Standard & Poor’s 500: +1.13 percent to 1,794.18

  • Dow Jones Industrial Average: +0.70 to 15,848.61

  • Nasdaq: +1.77 percent to 4,123.12

Our Top Stories:

On the Dow:

Nike (NKE) was the Dow’s best performer, adding over 3 percent by the bell. Most of the index’s components made substantial gains throughout the day, but notable exceptions were to be found in Boeing (BA) , whose shares are still hurting from a dismal earnings report, while ExxonMobil’s (XOM) own earnings report led the stock lower after investors were unhappy about disappointing production figures.

On the S&P 500:

Tech stocks led the S&P higher, with Facebook (FB) adding 14 percent by the end of the session as investors continue to marvel over the earnings report it released in late trading the previous day. Cisco Systems (CSCO) , Xerox Corp. (XRX) , and Micron Technology (MU) were among the beneficiaries of the day’s exuberance.

On the Nasdaq:

Techs were also prominent on the Nasdaq exchange, with big gains for hardware manufacturers like QUALCOMM Incorporated (QCOM) , Plug Power Inc. (PLUG) , and application software small-cap Accelrys (ACCL) up nearly 30 percent.

Jetblue Airways (JBLU) notched a gain of nearly 6 percent. Online catalog and mail order house Overstock.com Inc. (OSTK) was off by more than 22 percent by the bell.

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Companies

Symbol Name Price Change % Volume
FB Facebook Inc. 119.68 0.77 0.65 17,464,736
OSTK Overstock.com Inc. 17.00 -0.20 -1.16 40,731
CSCO Cisco Systems Inc. 30.06 0.11 0.37 21,361,984
JBLU JetBlue Airways Corporation 21.90 0.07 0.32 8,950,074
NKE Nike Inc. 51.72 0.17 0.33 5,869,828
XRX Xerox Corporation 9.46 -0.06 -0.63 10,839,298
XOM Exxon Mobil Corporation 89.00 0.68 0.77 8,021,683
BA Boeing Company (The) 156.49 1.10 0.71 2,707,872
MU Micron Technology Inc. 20.50 -0.16 -0.77 23,977,968
QCOM QUALCOMM Incorporated 68.52 -0.03 -0.04 5,551,783
PLUG Plug Power Inc. 1.43 -0.10 -6.54 4,702,993
PUTKF P.T. UTD Tractors 1.02 0.00 0.00 0

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