This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stocks Inch Higher After Jobless Claims Fall

By CHRISTINA REXRODE

NEW YORK (AP) â¿¿ The engines driving the stock market were more tepid than turbocharged Thursday, but they were enough to help stocks rise for a fifth straight day.

The three major U.S. stock indexes all closed higher as good news on the job market and healthy earnings from name-brand companies like Royal Caribbean and Harley-Davidson encouraged investors.

The Standard & Poor's 500 has risen every day since Friday, a record not matched since early March.

The forces driving the gains, however, were tenuous, market watchers said. Hiring remains sluggish, even with the drop in unemployment claims last week. The S&P's five-day winning streak is hardly a blockbuster: on Wednesday it rose just .01 point. And while companies are turning in profits that are beating the estimates of financial analysts, many are missing revenue forecasts.

Some investors think the stock market's most recent gains have more to do with the belief that central banks around the world, including the Federal Reserve, will continue to keep interest rates low and buy bonds to encourage borrowing and spending.

"Some of the earnings were OK, but it's more just stimulus, stimulus, stimulus," said Scott Freeze, president of Street One Financial in Huntingdon Valley, Pa. "As long as the world wants to print (money) ... the fears of a global slowdown are going to be muted."

Joe Heider, principal at Rehmann Group outside Cleveland, thought stocks were up mostly because investors can't think of anywhere else to put their money, given record-low interest rates.

"You can leave it in cash and make nothing on it," Heider said.

Heider said he thought the latest report on jobless claims was consistent with a "plodding" recovery: "Not booming, not exciting, but we just keep marching forward."

Weekly applications for unemployment benefits fell 16,000 to 339,000, the second-lowest level in more than five years, according to the Labor Department.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs