Stocks are lifted by earnings reports and economic data.

Shares on Wall Street rose Thursday, supported by favorable economic data and some stronger-than-expected earnings reports.

The S&P 500 rose 1 percent early in trading, while the Nasdaq composite gained 1.1 percent.

The Department of Labor reported that first-time jobless claims fell to 293,000 last week, down 36,000 from the previous week and the lowest level since the start of the pandemic.

The government also reported that producer prices – a measure of inflation – rose 0.5 percent in September, a slower pace than in August and below economists’ expectations.

Banks reported better-than-expected gains on Thursday, pushing shares of Morgan Stanley and Wells Fargo up more than 1 percent in early trading. Bank of America won 2 percent.

Shares of UnitedHealth Group rose about 6 percent after the healthcare giant reported its third-quarter revenue was up 11 percent from the same period last year. Shares for Walgreens Boots Alliance fell more than 3 percent after announcing in its virtual investor conference that it will invest $5.2 billion in its partner company VillageMD to drive the rollout of health services and clinics.

European stock indices were higher, the Stoxx Europe 600 jumped more than 1 percent. Asian stocks closed mixed.

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