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

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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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Symbol Name Price Change % Volume
BA Boeing Company (The) 137.45 1.82 1.34 3,814,097
CSCO Cisco Systems Inc. 30.46 0.31 1.03 14,084,337
FB Facebook Inc. 133.28 1.21 0.92 17,444,785
JBLU JetBlue Airways Corporation 18.75 0.18 0.97 7,010,683
MU Micron Technology Inc. 17.06 0.12 0.71 13,823,083
NKE Nike Inc. 51.87 0.10 0.19 7,569,218
OSTK Overstock.com Inc. 14.55 0.10 0.69 22,875
PLUG Plug Power Inc. 1.62 0.00 0.00 1,275,432
PUTKF P.T. UTD Tractors 1.02 0.00 0.00 0
QCOM QUALCOMM Incorporated 68.06 0.13 0.19 6,551,945
XOM Exxon Mobil Corporation 86.91 0.29 0.33 8,331,280
XRX Xerox Corporation 9.68 0.18 1.89 4,773,172


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