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1 Aug 2013
Economic data & the Fed fuel Wall Street's rally; S&P above 1,700
FXstreet.com (San Francisco) - The US stocks market rallied on Thursday as investors' confidence was fueled by upbeat jobless and manufacturing PMI data and the Fed resilience to provide market with a factual signal that the central bank will start tapering in the short term.
Early in the session, US Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Moreover, Continuing Jobless Claims (July 20) yielded a figure of 2.951M, against expectations of 2.994M. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.
After good economic data in the previous days, the market is expecting a strong Non Farm payrolls report on Friday and after closing the best July in the last three years, Wall Street logged decent gains and closing in record highs.
The Dow Jones advanced 128.48 points or 0.83% to end at 15,628.02. The S&P 500 added 21.14 pts or 1.25% to climb above to the 1,706.87 level. The Nasdaq Composite rose 49.37 pts or 1.36% to finish at 3,675.74.
Early in the session, US Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Moreover, Continuing Jobless Claims (July 20) yielded a figure of 2.951M, against expectations of 2.994M. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.
After good economic data in the previous days, the market is expecting a strong Non Farm payrolls report on Friday and after closing the best July in the last three years, Wall Street logged decent gains and closing in record highs.
The Dow Jones advanced 128.48 points or 0.83% to end at 15,628.02. The S&P 500 added 21.14 pts or 1.25% to climb above to the 1,706.87 level. The Nasdaq Composite rose 49.37 pts or 1.36% to finish at 3,675.74.