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Dow Reaches New High for Third Straight Day Ahead of Jobs Report (GAP, TWX, BAC)

By: , dated March 7th, 2013
All major U.S. indices closed the day ahead on Thursday as investors seemed optimistic about the upcoming monthly jobs data on Friday. Leading into Friday’s numbers, the weekly jobless claims data indicated that the labor market may be picking up its recovery. The retail industry had an active trading day as several companies released February same-store sales numbers, with Gap Inc (GAP) jumping 4% on better-than-expected results. Shares of cable provider Time Warner Inc (TWX) rose nearly 2.5% after it said that it would spin off its magazine unit. U.S. bank stocks also had an encouraging day on news that most big banks had passed the Fed’s “stress tests”, with Bank of America (BAC) gaining nearly 3%.

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