U.S. stocks jumped on Thursday, extending the rally into a fourth straight day as investors assessed a new batch of corporate earnings and solid economic data.
The Dow Jones Industrials popped 322.26 points, or 1.1%, to end Thursday at 31,055.86, closing near its session high.
The S&P 500 took on 41.57 points, or 1.1%, to to a record closing high of 3,871.74, supported by communication services and financials
The NASDAQ Composite jumped 167.2 points, or 1.2%, to 13,777.74, also a record high.
The major averages enjoyed a four-day winning streak as a speculative retail trading mania faded. So far this week, the blue-chip Dow has gained 3.6%, while the S&P 500 has climbed 4.2%, and the NASDAQ have risen 5.4%, GameStop, the poster child of the buying frenzy, has fallen more than 80% this week alone.
EBay jumped more than 5% after beating on both the top and bottom lines and issuing a rosier-than-expected forecast for the first quarter.
PayPal gained more than 7% after strong quarterly results, while Qualcomm slipped over 8% after reporting revenues below consensus estimates for its fiscal first quarter.
Apple rose 2.6% after telling investors it is close to finalizing a deal with Hyundai-Kia to produce driverless cars.
Investor awaited the release of January jobs report on Friday morning. A better-than-expected jobless claims report helped boost sentiment.
First-time claims for unemployment insurance totaled 779,000 for the week ended Jan. 30, below the 830,000 estimate from economists surveyed by Dow Jones.
On the stimulus front, Democrats are moving forward with President Joe Biden’s $1.9-trillion COVID-19 relief proposal. Republicans have countered with a more modest $618-billion package, which includes new stimulus checks of $1,000 per person.
Prices for 10-Year Treasurys regained lost ground, lowering yields to Wednesday’s 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 66 cents to $56.35 U.S. a barrel.
Gold prices dumped $41.40 to $1,793.70 U.S. an ounce.