Stocks Climb on Jobs Data, ECB Comments
NEW YORK (TheStreet) -- U.S. stocks finished with solid gains Thursday following encouraging data on labor market conditions and dovish commentary from the European Central Bank.
The release of the minutes of the Sept. 12-13 meeting of the Federal Open Market Committee contained few surprises, showing the central bank's policy makers were mostly swayed by the slow pace of job creation in their decision to launch QE3.
The Dow Jones Industrial Average surged 81 points, or 0.60%, to close at 13,575. The blue-chip index has now risen in three of the past four sessions and is up 11.1% so far in 2012.
Breadth was very positive with gainers overtaking decliners, 25 to 5. The top percentage advancers were Alcoa (AA), American Express (AXP), Bank of America (BAC), JPMorgan (JPM), UnitedHealth (UNH) and Verizon (VZ).The biggest blue-chip decliners were Intel (INTC), Home Depot (HD) and Cisco (CSCO). Shares of Hewlett-Packard (HPQ) were up slightly, catching a bounce after losing nearly 2% earlier in the session. The stock fell sharply on Wednesday after the CEO Meg Whitman told analysts the tech giant would "continue to see a broad-based profit decline across business units in 2013." Thursday's session low of $14.24 was HP's weakest level since March 2003. The S&P 500 rose more than 10 points, or 0.72%, to settle at 1461, while the tech-heavy Nasdaq added more than 14 points, or 0.45%, to finish at 3149. The strongest sectors in the broad market were consumer cyclicals, financials and basic materials. Every industry group finished in the green with technology recovering from early weakness. The perception that Republican presidential candidate Mitt Romney won the first debate with President Barack Obama gave the big banks and insurance companies a boost. The KBW Bank Index rose nearly 2%. Volume totaled 3.62 billion on the New York Stock Exchange and 1.59 billion on the Nasdaq. Winners were running far ahead of losers on both exchanges, nearly 3-to-1 on the Big Board and 2-to-1 on the Nasdaq. Other asset classes exhibited higher than normal volatility as the bonds and the dollar dropped sharply, gold soared and oil broke back above $90 a barrel.
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