NEW YORK (CNNMoney) -- Stocks finished higher Thursday, with the S&P 500 topping the 1,400 mark for the first time in nearly four years, as investors considered a batch of better-than-expected economic news.
Reports showed that jobless claims are at their lowest level in four years, manufacturing activity continues to expand and inflation remains tame.
"The economic data has dramatically improved over the last couple of months," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "The jobs numbers are gradually getting better, and that's the most important factor for the economy and stock market."
But the day's gains were slight after investors had already pushed stocks up more than 2% this week.
The Dow Jones industrial average (INDU) rose 59 points, or 0.4%, logging its seventh straight day of gains and finishing at its highest level since December 2007.
The S&P 500 (SPX) gained 8 points, or 0.6%, ending above the 1,400 level for the first time since June 2008. The Nasdaq (COMP) added 16 points, or 0.5%, closing at the highest level since November 2000.
All three major indexes are on track to post their best weekly gains since mid-January. The Dow has climbed more than 2.5% this week. The S&P 500 and the Nasdaq have risen about 2.3%.
Detrick also noted that March and April are seasonally very bullish months for stocks, so the recent strength is likely to continue. During the last 5 years, the S&P 500 has gained an average of 3% in March and 5% in April, he said.
The dollar lost ground against the euro, the British pound and the Japanese yen.
Oil for April delivery fell 32 cents to settle at $105.11 a barrel.
Gold futures for April delivery rose $16.60 to settle at $1,659.50 an ounce.
No comments:
Post a Comment