The Dow Jones Industrial Average closed at 34,764.82 on Thursday with a gain of 506.50 points or 1.48%. The S&P 500 closed at 4,448.98 for a gain of 53.34 points or 1.21%. The Nasdaq Composite closed at 15,052.24 for a gain of 155.40 points or 1.04%. The VIX Volatility Index was higher at 18.63 for a loss of 2.24 points or -10.73%.
Thursday’s market movers
U.S. stocks rose sharply Thursday after the Federal Reserve signaled it is on track to start decreasing bond purchases this year and potentially raising interest rates next year. The Federal Open Market Committee released its meeting minutes yesterday, with increased assumptions that a continued economic recovery from the Covid-19 crisis is ahead.
Leading the day’s sector gains were the Energy Select Sector SPDR Fund (XLE, Financial) with a gain of 3.5% and the Global X Cannabis ETF (POTX, Financial) with a gain of 2.54%. The Financial Select Sector SPDR Fund (XLF, Financial) was also higher, gaining 2.45%.
Other top news headlines included:
- Freddie Mac (FMCC, Financial) released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.88%, up from 2.86%. The 15-year fixed-rate mortgage averaged 2.15%, up from 2.12%.
- 351,000 Americans filed jobless claims, up from 335,000 in the previous week. Continuing jobless claims were also higher at 2.845 million versus 2.714 million.
- The Chicago Fed National Activity Index decreased to 0.29 from 0.75.
- The September Markit Composite PMI decreased to 54.5 from 55.4. Separately, the Markit Manufacturing PMI decreased to 60.5 from 61.1 and the Markit Services PMI decreased to 54.4 from 1.
- The Conference Board’s Leading Economic Indicators Index increased 0.9% in August following an increase of 0.8%.
- The Kansas Fed Manufacturing Index decreased to 10 from 22.
- The Treasury held auctions for four-week bills at a rate of 0.050%, eight-week bills at a rate of 0.035% and 10-year TIPS at a rate of -0.939%.
- The United Nations began its General Assembly.
- The White House is hosting a virtual meeting with executives from Intel (INTC, Financial), Apple (AAPL, Financial), Microsoft (MSFT, Financial), Ford (F, Financial) and others to discuss the global computer chip shortage.
Across the board:
- BlackBerry (BB, Financial) gained 11% after its second-quarter results exceeded expectations.
- Towerstream Corporation (TWER, Financial) climbed 150%.
- Rhino Resource Partners (RHNO, Financial) rose 140.00%.
- Trillion Energy International (TCF, Financial) was up 25%.
- Expedia Group (EXPE, Financial) increased 4.96%.
- Devon Energy (DVN, Financial) gained 7.72%.
- Salesforce.com (CRM, Financial) swelled 7.21%.
- Nike (NKE, Financial) earnings per share beat by 4 cents and revenue missed estimates. The stock gained 1.36%.
- The 10-year Treasury ended with a yield of 1.435%.
- The Utilities Select Sector SPDR Fund (XLU, Financial) led losses for the day with a return of -0.53%.
- Pfizer (PFE, Financial) gained 0.44% with authorization by the Food and Drug Administration for a booster shot for high-risk Americans.
In small caps, the Russell 2000 closed at 2,259.04 for a gain of 40.48 points or 1.82%. The S&P 600 closed at 1,347.32 for a gain of 23.12 points or 1.75%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,335.09 for a gain of 217.38 points or 1.44%. The Dow Jones U.S. Small-Cap Value Index closed at 11,002.16 for a gain of 217.62 points or 2.02%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,703.78 for a gain of 38.22 points or 1.43%; the S&P 100 at 2,041.07 for a gain of 23.02 points or 1.14%; the Nasdaq 100 at 15,316.58 for a gain of 140.07 points or 0.92%; the Russell 3000 at 2,644.60 for a gain of 32.26 points or 1.24%; the Russell 1000 at 2,499.78 for a gain of 29.49 points or 1.19%; the Wilshire 5000 at 46,324.15 for a gain of 561.54 points or 1.23%; and the Dow Jones U.S. Select Dividend Index at 828.78 for a gain of 11.37 points or 1.39%.