US stocks up on mixed earnings, data
Wall Street stocks moved solidly higher early Thursday following a mixed batch of US economic data and corporate earnings.
About 30 minutes into trade, the Dow Jones Industrial Average was at 18,188.31, up 127.82 points (0.71 percent).
The broad-based S&P 500 rose 11.11 (0.53 percent) to 2,109.59, while the tech-rich Nasdaq Composite Index gained 25.66 (0.52 percent) at 5,007.35.
US economic data showed a modest decline in weekly jobless claims, but an unexpected 0.4 percent drop in producer prices in April.
The euro hit a three-month high against the dollar at $1.1413, up from $1.1354 Wednesday. The dollar also fell against the yen and the British pound.
Dow member Cisco Systems rose 0.5 percent after reporting that earnings for the quarter ending April 25 rose 9.1 percent to $2.4 billion.
Department-store chain Kohl’s plummeted 10.8 percent after reporting first-quarter sales of $4.12 billion, below the $4.19 billion projected by analysts.
Upscale burger chain Shake Shack jumped 6.8 percent after posting a 56.3 percent gain in first-quarter sales to $37.8 million. The company, which went public in January, opened three new restaurants during the quarter.
J.C. Penney fell 6.8 percent after reporting a net loss of $167 million in the first quarter. Same-store sales rose 3.4 percent.
Dow member Wal-Mart Stores slipped 0.2 percent on news it will test an unlimited home-delivery program for $50 a year for online customers, in competition with online retail giant Amazon’s $99 per year Prime service. Amazon gained 0.7 percent.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.25 percent from 2.29 percent Wednesday, while the 30-year dropped to 3.06 percent from 3.08 percent. Bond prices and yields move inversely.
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