US Markets Climb on Drop in Jobless Claims and Retailers' Rally (CMG, MSFT)
The major indices extended their gains on Thursday on a positive jobless claims report and forecasts for stronger retail sales. Gainers for the S&P included JC Penney Co (JCP) and Ross Stores (ROST), while technology stocks limited the Nasdaq after statements that PC sales dropped significantly in Q1. Microsoft (MSFT) and Hewlett-Packard (HPQ) ended lower, while social media stocks and Netflix (NFLX) lifted the sector.Both the Dow and S&P 500 were able to climb to intra-day highs on Thursday. After yesterday's 2% drop in gold futures, prices were able to rebound today and settle at $1,564.90 an ounce. The dollar continued to push towards the 100 yen level but was unable to break through. Since the Bank of Japan announced its plan for aggressive monetary easing, the dollar has increased by 6.9% against the yen.
Word on the Street
- Jobless claims for the week drop by 42,000 to a total of 346,000.
- A budget deal may be within reach for the US, saws Treasury Secretary Jacob Lew.
- PC sales drag down shares of Microsoft (MSFT) and Intel (INTC), while other techs get lifted higher.
- Chipotle (CMG) falls after hedge-fund manager Einhorn releases critical remarks.
- Gold sees gains on Thursday after the 2% tumble from just one day before.
- WD-40 (WDFC) rallies after releasing solid second quarter earnings.
- Worried you might not be able to file your tax return before next week's deadline?
- Six actions of great managers and what separates the good from the great.
Published on Apr 11, 2013By InvestorGuide Staff