Stock Market Watch

Stocks Surge on Economic Data; S&P 500 Crosses 1,700 For the First Time

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Thursday turned out to be a historic day on Wall Street as the S&P 500 crossed the 1,700 level for the first time. Stocks rallied as market participants digested some robust economic data. All three major indexes finished the day near session highs.

The Dow Jones ended the day 0.83% higher at 15,628.02, the S&P 500 ended the day 1.25% higher at 1,706.87, and the Nasdaq ended the day 1.36% higher at 3,675.74.

All sectors in the S&P 500 rose sharply. Industrials led the gains in the S&P 500, ending the day 1.67% higher. Consumer Cyclical sector ended the day 1.64% higher. Financials ended the day 1.53% higher.

Among the major movers in trading on Thursday were Yelp Inc. (NYSE: YELP), which ended the day 23.21% higher at $51.50, Trulia Inc. (NYSE: TRLA), which ended the day 19.51% higher at $44.53, Pioneer Natural Resources (NYSE: PXD), which ended the day 12.53% higher at $174.15, Renren Inc. (NYSE: RENN), which ended the day 19.52% higher at $3.98, and Facebook Inc. (NASDAQ: FB), which ended the day 1.87% higher at $37.49.

On the economic front, a report from the Labor Department showed that initial jobless claims fell to the lowest level since January 2008 last week. Meanwhile, a report from the Institute for Supply Management showed that manufacturing activity accelerated in July.

European markets ended mostly higher on Thursday, with the FTSE 100 Index in London closing 0.92% higher, and the CAC 40 Index in Paris closing 1.25% higher. Asian markets also ended mostly higher overnight, with the Nikkei 225 Index in Japan closing 2.47% higher, and the Hang Seng Index in Hong Kong closing 0.94% higher.

 








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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