By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks opened mostly higher on
Thursday with the S&P 500 reaching record territory on the back
of upbeat earnings.
Ahead of the opening bell, weekly jobless claims came in far
better than expected, as the number of people claiming benefits
fell to the lowest level since February 2006.
Strong data out of China also underpinned gains across global
markets. Investors are waiting for housing data that is expected to
show a potential drop in new-home sales.
The S&P 500 (SPX) opened 2.6 points, or 0.1%, higher at
1,989.59, setting fresh intraday record. The Dow Jones Industrial
Average (DJI) added 3 points to 17,092.54.
The Nasdaq Composite (RIXF) began the day up 12 points, or 0.3%,
at 4,485.11.
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action.
Investors processed a deluge of corporate earnings ahead of the
bell.
Ford(F) shares rose 1.8% after the car maker beat earnings
expectations. General Motors Co. (GM.XX) profit sank 80% as the
auto maker was hit by recalls. Adjusted earnings matched analyst
expectations. Shares were 2% lower in premarket.
Among the decliners, Shares of TripAdvisor Inc. (TRIP) sank 11%
and Angie's List Inc. (ANGI) tumbled 21% after those companies
separately reported late Wednesday.
Among the early reporters Caterpillar Inc. (CAT) shares dropped
2.8% after the maker of manufacturing equipment said sales fell
short of expectations in the second quarter, but the company raised
its earnings outlook again.
Shares of Facebook(FB) jumped more than 7.7% action after profit
and sales beat expectations.
Qualcomm Inc.(QCOM) was under pressure after the wireless-tech
company noted some worries about licensees in China, even as it
lifted its full-year adjusted earnings outlook. Shares fell more
than 5% in premarket. For more on Thursday's notable movers, read
our Mover & Shakers column.
The biggest piece of data for Thursday could be new-home sales,
and economists polled by MarketWatch are expecting the annualized
sales pace of new single-family homes dropped to 475,000 in June,
from a big 504,000-jump in May. The data is due at 10 a.m. Eastern
Time.
The number of unemployed workers applying for jobless benefits
tumbled in the most recent weekly data to the lowest level in more
than eight years, signaling that employers are letting go of very
few workers.
Outside of a loss for the Nikkei 225 index , Asian stocks rose
across the board Thursday with a 1.2% gain for the China Shanghai
Composite , after a preliminary reading of Chinese manufacturing
data from HSBC hit an 18-month high. European stocks gained across
the board amid a big earnings day there.
Crude-oil (CLU4) edged lower along with gold prices (GCQ4),
while the dollar (DXY) steadied.
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