(April 15) U.S. stocks opened higher Thursday amid a raft of strong economic reports and corporate results.
The Dow Jones Industrial Average added 177 points, or 0.5%, according to preliminary estimates, to open near 33,908, while the S&P 500gained 25 points or 0.6%, to start trading near 4,149. The Nasdaq Composite index was up 122 points or 0.9%, near 13,980.
First-time filings for jobless benefits fell sharply in the most recent week, the Labor Department said Thursday morning, and retail sales rocketed nearly 10% in March as Americans spent their stimulus checks.
Shares of Coinbase Global Inc. gained on the second day of trading for the cryptocurrency exchange, boosted by both retail and institutional investors alike, and earnings for companies like Citigroup Inc. beat analyst expectations.
A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.
Pepsi shares added 0.6% after the consumer snack and drink maker saidsales last quarter rose nearly 7%, topping estimates.
Shares of UnitedHealth, a Dow member, gained 1% after results topped the Street and the health insurer raised guidance for 2021.
Tech stocks rebounded from Tuesday losses in early trading with shares of Tesla up about 1%. Newly public crypto exchange Coinbase jumped 9% in early trading after it was revealed Ark Invest’s Cathie Woodloaded up on the first day of trading.
On Tuesday, the Food and Drug Administration called for a pause in administering J&J’s Covid-19 vaccine aftersix people in the U.S. developed a rare disorderinvolving blood clots. The announcement triggered a sell-off in reopening plays earlier in the week, but is not expected to have a material impact on the pace of the U.S. vaccine rollout.