WASHINGTON (dpa-AFX) - Stocks moved mostly higher over the course of the trading day on Thursday, extending the strong upward move seen over the past several sessions. The S&P 500 closed higher for the seventh time in the past eight sessions, reaching a new record closing high.
The major averages reached new highs going into the close of trading. The Dow jumped 408.34 points or 0.9 percent to 44,565.07, the S&P 500 climbed 32.34 points or 0.5 percent to 6,118.71 and the Nasdaq rose 44.34 points or 0.2 percent at 20,051.68.
The markets continued to benefit from recent upward momentum, which has help stocks largely offset the sell-off see earlier this month.
Optimism about a more pro-business administration under new President Donald Trump has helped offset concerns about the outlook for interest rates.
Potentially adding to the positive sentiment, Trump said during remarks at the World Economic Forum in Davos, Switzerland, that he will 'demand that interest rates drop immediately.'
Trump also said he would ask Saudi Arabia and other members of OPEC to lower oil prices, contributing to a downturn by the price of crude oil.
Notably, Trump did not specifically comment on the level of tariffs he plans to impose on certain countries, which is one of the lingering areas of concern about his presidency.
In U.S. economic news, the Labor Department released a report showing initial jobless claims saw further upside in the week ended January 18th.
The Labor Department said initial jobless claims rose to 223,000, an increase of 6,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to inch up to 220,000.
With the increase, jobless claims continued to regain ground after hitting a nearly eleven-month low in the week ended January 4th.
Sector News
Biotechnology stocks showed a strong move to the upside as the day progressed, driving the NYSE Arca Biotechnology Index up by 1.8 percent to its best closing level in almost four years.
Considerable strength also emerged among networking stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Networking Index. The index reached a new record closing high.
Healthcare, pharmaceutical and oil producer stocks also saw notable strength, while airline stocks came under pressure amid disappointing guidance from American Airlines (AAL).
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index advanced by 0.8 percent, while Hong Kong's Hang Seng Index fell by 0.4 percent.
Meanwhile, the major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.2 percent, the French CAC 40 Index and the German DAX Index both climbed by 0.7 percent.
In the bond market, treasuries extended the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.9 basis points to 4.638 percent.
Looking Ahead
American Express (AXP), Ericsson (ERIC) and Verizon (VZ) are among the companies due to report their quarterly results before the start of trading on Friday.
A report on existing home sales may also attract attention on Friday along with a revised reading on consumer sentiment.
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