Investing.com - U.S. stocks rose on Thursday in a rally fueled by a double shot of better-than-expected economic indicators and comments from a high-ranking Federal Reserve official suggesting monetary stimulus programs will stay in place for now.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.77%, the S&P 500 index ended up 0.62%, while the Nasdaq Composite index rose 0.76%.
The National Association of Realtors said its pending home sales index rose by 6.7% in May, well above expectations for a 1% gain.
The data sent stocks rising amid hopes the U.S. economy continues recovering, especially since housing, the sector that threw the country into recession and dampened recovery for years, is showing signs of improvement.
Elsewhere in the U.S., jobless claims fell in line with expectations last week, government data revealed.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to 346,000, in line with expectations for a drop of 10,000 to 345,000.
A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations.
Elsewhere, Federal Reserve Bank of New York President William Dudley said earlier that the U.S. central bank will keep monetary stimulus programs in place if economic recovery falters.
Stimulus programs such as the Fed's USD85 billion asset-purchasing programs known as quantitative easing push up stocks to spur the economy.
Dudley's comments coupled with better-than-expected data boosted spirits on Wall Street on the notion that stocks enjoy the support of improving fundamentals as well as Federal Reserve stimulus programs.
Leading Dow Jones Industrial Average performers included Hewlett-Packard, up 3.21%, Boeing, up 2.40%, and UnitedHealth Group, up 2.04%.
The Dow Jones Industrial Average's worst performers included Johnson & Johnson, down 0.31%, Coca-Cola, down 0.12%, and DuPont, which was up 0.09%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.66%, France's CAC 40 rose 0.97%, while Germany's DAX 30 finished up 0.63%. Meanwhile, in the U.K. the FTSE 100 finished up 1.26%.
On Friday, the U.S. will release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.77%, the S&P 500 index ended up 0.62%, while the Nasdaq Composite index rose 0.76%.
The National Association of Realtors said its pending home sales index rose by 6.7% in May, well above expectations for a 1% gain.
The data sent stocks rising amid hopes the U.S. economy continues recovering, especially since housing, the sector that threw the country into recession and dampened recovery for years, is showing signs of improvement.
Elsewhere in the U.S., jobless claims fell in line with expectations last week, government data revealed.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to 346,000, in line with expectations for a drop of 10,000 to 345,000.
A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations.
Elsewhere, Federal Reserve Bank of New York President William Dudley said earlier that the U.S. central bank will keep monetary stimulus programs in place if economic recovery falters.
Stimulus programs such as the Fed's USD85 billion asset-purchasing programs known as quantitative easing push up stocks to spur the economy.
Dudley's comments coupled with better-than-expected data boosted spirits on Wall Street on the notion that stocks enjoy the support of improving fundamentals as well as Federal Reserve stimulus programs.
Leading Dow Jones Industrial Average performers included Hewlett-Packard, up 3.21%, Boeing, up 2.40%, and UnitedHealth Group, up 2.04%.
The Dow Jones Industrial Average's worst performers included Johnson & Johnson, down 0.31%, Coca-Cola, down 0.12%, and DuPont, which was up 0.09%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.66%, France's CAC 40 rose 0.97%, while Germany's DAX 30 finished up 0.63%. Meanwhile, in the U.K. the FTSE 100 finished up 1.26%.
On Friday, the U.S. will release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.