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Stocks - Dow Ends Higher on Upbeat Earnings, Slowing Jobless Claims

Stock Markets May 07, 2020 04:03PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow rallied on Thursday, led by a rise in materials and financials following better-than-expected earnings, while slowing weekly unemployment claims also lifted sentiment.

The Dow Jones Industrial Average rose 0.89%, the S&P 500 added 1.15% and the Nasdaq Composite jumped 1.41%. 

Materials were among the biggest gainers, led by a surge in Corteva (NYSE:CTVA) after the agricultural input provider's earnings topped estimates, sending its share price up 5%. The company attributed the upbeat results to warmer weather that boosted crop planting.

In financials, meanwhile, PayPal (NASDAQ:PYPL), up 14%, racked up strong as signs that the company is benefiting from the stay-at-home measures introduced to combat the Covid-19 pandemic offset earnings and revenue that fell short of expectations.

In April, Paypal saw a "dramatic monthly acceleration of more 90% in new account adds as online commerce benefited from global 'shelter-in-place' behavior," Oppenheimer said in a note. "Management believes the secular shift toward digital payments has accelerated a few years."

Elsewhere, Twilio (NYSE:TWLO), meanwhile, surged about 40% after reporting a profit of 6 cents a share on revenue of $364.9 million, confounding estimates for a loss of 11 cents a share on revenue of $331 million.

The company reported active customer accounts jumped 23% year on year at the end of March

FAANG names, meanwhile, also supported the gain in tech, with Google-parent Alphabet (NASDAQ:GOOG) leading the pack, up 1.4%.

T-Mobile (NASDAQ:TMUS), meanwhile, climbed 9.5% as its first-quarter earnings of $1.10 per share topped estimates for $1.03 per share.

Energy ended higher despite losing some steam following a reversal in oil prices even as Saudi Arabia raised its oil selling price.

In economic news, the number of Americans filing for weekly unemployment continues to slow, with 3.17 million claims recorded for the week ended May 2. That was above economists' forecasts of $3 million, but down for the fifth week in a row, raising hopes the worst is over for the labor market.

The update on the labor market arrived just a day ahead of the crucial nonfarm payrolls report for April.

Stocks - Dow Ends Higher on Upbeat Earnings, Slowing Jobless Claims
 

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Comments (27)
Randall Wagner
Randall Wagner May 07, 2020 11:28PM ET
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Buy low sell high ... o I forgot you bears missed out so far.
Randall Wagner
Randall Wagner May 07, 2020 11:25PM ET
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It's already a V recovery.
Bret Lafrance
Bret Lafrance May 07, 2020 9:13PM ET
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Wow, there is just do much wrong with this market right now. You are seeing bad history being made.
Frank Mckee
Frank Mckee May 07, 2020 8:44PM ET
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Upbeat earnings? Lol! Sure. No guidance is upbeat I guess!
Ian Salter
Ian Salter May 07, 2020 8:36PM ET
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Maybe the Fed is buying up this market but no one in their right mind would buy during the biggest slow down since the great depression, an ongoing pandemic with no end in sight and an overpriced crashing earnings season.
Nk bag holder
Nk bag holder May 07, 2020 8:20PM ET
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The market can push and think that nothing have happen. But the reality will surface no matter what. The more people want to deny the fact the worse it will became.
Jon Bal
Jon Bal May 07, 2020 8:10PM ET
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doesn't each multi year bear market start with relentless optimism?
Johnson Gray
Johnson Gray May 07, 2020 7:58PM ET
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Americans turn to delusions but know deep in their hearts that the empire is crumbling.
Varga Róbert
Varga Róbert May 07, 2020 6:43PM ET
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Not good, not terrible...
Tricky Dick
TrickyDick May 07, 2020 6:36PM ET
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upbeat earnings, unemployment down, China booming, Australia cures the Corona Virus! Nothing but good news!!! the world has been saved
Rupesh Agrawal
Rupesh Agrawal May 07, 2020 6:36PM ET
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nice comments... coz editor is saying good job report.. where as it jobless claims are much more than expected.. they should say that market is up due to free flow of money.. nothing to do with reality..
 
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