⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here


U.S. Stocks Move Mostly Higher, Dow Extends Winning Streak To Seven Days

Following the lackluster performance seen over the two previous sessions, stocks moved mostly higher during trading on Thursday. The Dow extended its winning streak to seven sessions, once again reaching its best closing level in over a month.

The major averages ended the day just off their highs of the session. The Dow jumped 331.37 points or 0.9 percent to 39,387.76, the S&P 500 climbed 26.41 points or 0.5 percent to 5,214.08 and the Nasdaq rose 43.51 points or 0.3 percent to 16,346.26.

The strength on Wall Street came following the release of a Labor Department report showing a much bigger than expected increase by first-time claims for U.S. unemployment benefits in the week ended May 4th.

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

The report said initial jobless claims climbed to 231,000, an increase of 22,000 from the previous week’s revised level of 209,000.

Economists had expected jobless claims to inch up to 210,000 from the 208,000 originally reported for the previous week.

With the much bigger than expected increase, jobless claims reached their highest level since hitting 234,000 in week ended August 26th.

The data may added to recently renewed optimism that the Federal Reserve will lower interest rates in the coming months.

While the Fed is still widely expected to leave interest rates unchanged in June, the chances rates will be lower by September have reached 89.3 percent, according to CME Group’s FedWatch Tool.

Among individual stocks, shares of AppLovin (APP) skyrocketed after the mobile technology company reported first quarter results that beat expectations on both the top and bottom lines.

Glasses retailer Warby Parker (WRBY) also showed a substantial move to the upside after reporting a narrower than expected first quarter loss on revenues that exceeded estimates.

On the other hand, shares of Airbnb (ABNB) moved sharply lower after the vacation rental company reported better than expected first quarter results but provided disappointing guidance.

Sector News

Telecom stocks moved sharply higher over the course of the trading session, resulting in a 4.2 percent spike by the NYSE Arca North American Telecom Index.

Significant strength was also visible among gold stocks, as reflected by the 2.5 percent jump by the NYSE Arca Gold Bugs Index. The strength in the sector came amid an increase by the price of gold.

Commercial real estate stocks also showed a strong move to the upside on the day, driving the Dow Jones U.S. Real Estate Index up by 2.1 percent.

Oil service, housing and steel stocks also saw considerable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Thursday. Japan’s Nikkei 225 Index fell by 0.3 percent, while Hong Kong’s Hang Seng Index surged by 1.2 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index jumped by 1.0 percent, the French CAC 40 Index climbed by 0.7 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent.

In the bond market, treasuries rebounded following the modest pullback seen on Wednesday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 4.3 basis points to a one-month closing low of 4.449 percent.

Looking Ahead

Trading on Friday may be impacted by reaction to a report on consumer sentiment in the month of May, which includes readings on inflation expectations. Remarks by several Fed officials may also attract attention along with the latest earnings news.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies