Investing.com - U.S. stocks closed sharply higher Thursday, as better-than-expected U.S. jobless data and encouraging comments by European Central President Mario Draghi supported investor confidence, while strong earnings added to investor sentiment
At the close of U.S. trade, the Dow Jones Industrial Average jumped 1.67%, the S&P 500 index rallied 1.65% while the Nasdaq Composite index surged 1.37%.
Sparking the equity enthusiasm is the U.S., the Department of Labor reported the number of individuals filing for initial jobless benefits in the week ending July 21 fell by 35,000 to a seasonally adjusted 353,000, compared to expectations for a decline of 8,000 to 380,000.
The previous week’s figure was revised up to 388,000 from a previously reported 386,000.
Separately, official data showed that U.S. durable goods orders rose 1.6%, beating expectations for a 0.4% increase and following a 1.6% rise in May.
The report also showed that core durable goods orders, which exclude transportation items, fell unexpectedly in June, declining 1.1% after a 0.8% rise the previous month.
Sentiment also found support after ECB President Draghi said earlier that the bank will do whatever is necessary to preserve the euro.
Among earnings, Exxon Mobil climbed 0.77% after posting a quarterly profit that jumped 49%, thanks to gains related to the sale of a stake in its Japanese refining and chemicals business and tax items.
Meanwhile, 3M surged 2.01% after the mining giant reported quarterly earnings that topped expectations, although revenue fell short of estimates.
In tech stocks, United Technologies rallied 3.11% after posting less than 1% earnings, due to the effects of a global slowdown.
Elsewhere, Sprint Nextel saw shares skyrocket 14.54% although the company reported earnings and revenue that missed analysts’ expectations.
On the downside, shares in Dow Chemical tumbled 1.12% after reporting a lower-than-expected quarterly profit as demand for chlorine, plastics and electronic parts globally declined.
In addition expected on Thursday, social-media game maker Zynga announced quarterly results that missed estimates and handed in 2012 guidance that disappointed investors, sending shares skidding 40.53%.
In addition, at least three brokerages cut their price targets on the firm. JPMorgan lowered its rating to "neutral" from "overweight."
At the close of European trade, the EURO STOXX 50 surged 4.26%, France’s CAC 40 rallied 4.07%, while Germany’s DAX 30 rocketed 2.75%.
Investors are awaiting the U.S. GDP numbers and Michigan consumer sentiment on Friday.
At the close of U.S. trade, the Dow Jones Industrial Average jumped 1.67%, the S&P 500 index rallied 1.65% while the Nasdaq Composite index surged 1.37%.
Sparking the equity enthusiasm is the U.S., the Department of Labor reported the number of individuals filing for initial jobless benefits in the week ending July 21 fell by 35,000 to a seasonally adjusted 353,000, compared to expectations for a decline of 8,000 to 380,000.
The previous week’s figure was revised up to 388,000 from a previously reported 386,000.
Separately, official data showed that U.S. durable goods orders rose 1.6%, beating expectations for a 0.4% increase and following a 1.6% rise in May.
The report also showed that core durable goods orders, which exclude transportation items, fell unexpectedly in June, declining 1.1% after a 0.8% rise the previous month.
Sentiment also found support after ECB President Draghi said earlier that the bank will do whatever is necessary to preserve the euro.
Among earnings, Exxon Mobil climbed 0.77% after posting a quarterly profit that jumped 49%, thanks to gains related to the sale of a stake in its Japanese refining and chemicals business and tax items.
Meanwhile, 3M surged 2.01% after the mining giant reported quarterly earnings that topped expectations, although revenue fell short of estimates.
In tech stocks, United Technologies rallied 3.11% after posting less than 1% earnings, due to the effects of a global slowdown.
Elsewhere, Sprint Nextel saw shares skyrocket 14.54% although the company reported earnings and revenue that missed analysts’ expectations.
On the downside, shares in Dow Chemical tumbled 1.12% after reporting a lower-than-expected quarterly profit as demand for chlorine, plastics and electronic parts globally declined.
In addition expected on Thursday, social-media game maker Zynga announced quarterly results that missed estimates and handed in 2012 guidance that disappointed investors, sending shares skidding 40.53%.
In addition, at least three brokerages cut their price targets on the firm. JPMorgan lowered its rating to "neutral" from "overweight."
At the close of European trade, the EURO STOXX 50 surged 4.26%, France’s CAC 40 rallied 4.07%, while Germany’s DAX 30 rocketed 2.75%.
Investors are awaiting the U.S. GDP numbers and Michigan consumer sentiment on Friday.