Dow industrials rebounded sharply on Thursday, elevated by upbeat earnings and economic data that pointed to a stronger labor market.
The Dow Jones Industrial Average advanced 174.22 points, or 0.9%, to close at 20,578.22. All but four of the Dow 30 companies finished in positive territory.
Credit card American Express Co (NYSE: AXP) surged 6.1% in response to better than expected quarterly results after the bell on Wednesday.
U.S. multinational investment bank Goldman Sachs Inc. (NYSE: GS) rose 2%, partially offsetting back-to-back declines. The bank declined 4.7% on Tuesday after reporting disappointing first quarter earnings.
Caterpillar Inc. (NYSE: CAT), the maker of mining and construction equipment, rose 2.2%.
Meanwhile, Visa Inc.(NYSE: V) rose 1.8%. The credit card company will deliver fiscal second quarter earnings after he bell on Thursday.
On the opposite side of the ledger, Verizon Communications Inc. (NYSE: VZ) fell 1.3% after reporting weaker than expected earnings and revenue.
All of Wall Street’s major indexes finished higher on Thursday. The S&P 500 large-cap index rose 0.8% to 2,355.84. The technology-heavy Nasdaq surged 0.9% to 5,916.78, a new record high.
In economic news, the number of Americans still receiving unemployment benefits decreased 49,000 to 1.98 million in the week ended April 8, the Labor Department reported Thursday. That was the lowest level in 17 years.
First-time applicants for unemployment benefits rose by 10,000 to 242,000 last week. Initial claims have now been below the 300,000 threshold for 111 consecutive weeks, the longest stretch in 47 years.
IHS Markit will release preliminary April PMI data on Friday. Separately, the National Association of Realtors (NAR) will report on Mach existing home sales.