At the close of trade, the Dow Jones Industrial Average index added 271.58 points, or 0.78%, to 35,064.25. The S&P 500 index rose 26.44 points, or 0.6%, to finish at a new all-time high of 4,429.10. The tech-heavy Nasdaq Composite Index was up 114.58 points, or 0.78%, to 14,895.12.
Total 9 of 11 S&P 500 sectors inclined, with energy (up 1.28%) sector was top performer, followed by financials (up 1.24%), utilities (up 1.13%), consumer discretionary (up 0.91%), and communication services (up 0.91%), while healthcare (down 0.38%) sector was worst performer.
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Total volume turnover on U.S. exchanges was 8.08 billion shares. In the NYSE exchange, 2241 issues advanced, 1087 issues declined, and 153 issues closed unchanged. In the NASDAQ, 3043 issues advanced, 1325 issues declined, and 214 issues unchanged.
Top five advancing stocks were Score Media & Gaming Inc (up 79.9%), Zymergen Inc (up 75.2%), SiTime Corp (up 31.2%), Profound Medical Corp (up 29%), and Dixie Group Inc (up 28.8%), while bottom five declining stocks included Robinhood Markets Inc (down 27.6%), Inogen Inc (down 26.7%), Itron Inc (down 26.4%), Karyopharm Therapeutics Inc (down 24.2%), and Sprague Resources (down 24.1%).
Stocks maintained a positive tone Thursday after data showed first-time claims for unemployment benefits last week fell to 385,000, down 14,000 from the previous week and in line with market expectation, while continuing claims fell below 3 million for the first time since March 2020. Separately, the June U.S. international trade deficit rose to a record, fueled by a surge in imports.
ECONOMIC NEWS: US Weekly Jobless Claims Down Slightly- US initial jobless claims slipped to 385,000 in the week ended July 31st, a decrease of 14,000 from the previous week's revised level of 399,000, the Labor Department reported on Thursday. The Labor Department said the less volatile four-week moving average also edged down to 394,000, a decrease of 250 from the previous week's revised average of 394,250. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, tumbled by 366,000 to 2.930 million in the week ended July 24th. With the substantial decrease, continuing claims dropped to their lowest level since hitting 1.770 million in the week ended March 14, 2020.
US Trade Deficit Widens To New Record High In June- US trade deficit widened to a new record high of $75.7 billion in June from a revised $71.0 billion in May, according to a report released by the Commerce Department on Thursday. The wider than expected trade deficit reflected a sharp increase in the value of imports, which surged up by 2.1% to $283.4 billion in June after jumping by 1.3% to $277.5 billion in May.
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Among Indian ADR, Tata Motors added 1.93% to $20.10, Wipro added 0.47% to $8.57, Vedanta added 1.38% to $16.85, WNS Holdings added 0.77% to $81.01, ICICI Bank fell 0.31% to $19.27, HDFC Bank added 0.46% to $73.77, and Dr Reddys Labs added 0.68% to $64.12. INFOSYS fell 0.27% to $22.58.
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