NEW YORK (TheStreet) -- U.S. stock markets rallied into the close Thursday, absent of any negative geopolitical headlines, and as economic prospects continued to look brighter and brighter for many investors.
The S&P 500
(SPY) rose 0.43% to 1,955.18. The Dow Jones Industrial Average
(DIA) increased 0.37% to 16,713.58. The Nasdaq
(QQQ) advanced 0.43% to 4,453. The tech sector finished in the green despite the heavily-weighted fallout from Cisco's
(CSCO - Get Report) downsizing plans.
After a strong run-up for four sessions, the S&P 500 looks like it could bump against the short-term support/resistance area of 1,950, according to Schaeffer's Investment Research's senior equity analyst Joe Bell. But the analyst said weekly and daily charts are not signaling any overbought conditions.
Read More: Gold Demand Shrinks a Year After the Infamous Market Collapse
"I expect that continued, sustained strong economic data will make itself evident that the Fed needs to step aside," said Doug Cote, chief market strategist at Voya Investment Management. Cote's expecting strong August retail sales on the back of a robust back-to-school shopping season amid signs of fewer layoffs and increasing wealth in the U.S.
Read More: Dicker/Cramer: Oil Under $100/Barrel Confounds but Won’t Last Long
The markets began the day with a knee-jerk reaction to the gain in initial jobless claims last week. But the losses were short-lived in light of the very marginal increase of the four-week moving average to 295,750, a level consistent with low levels of layoffs.
Russian President Vladimir Putin appeared to offer some conciliatory remarks to Western counterparts Thursday after saying overnight that he would do everything in his power to end the conflict in Ukraine. Meanwhile the Gaza ceasefire remained in force after Israeli and Palestinian negotiators agreed to a five-day extension of the truce in the region.
Cisco tumbled 2.62% to $24.54 after the networking hardware company said it will cut 6,000 jobs
due to uncertainty over emerging markets. Sprint
was down 1.89% to $5.71 after analysts who met with the telecom’s new CEO Marcelo Claure said the company may soon aggressively cut its wireless prices
. Silver Wheaton
(SLW - Get Report)
fell 5% to $25.82 after missing analysts’ estimates in the second quarter due to low silver prices.
(BA - Get Report)
was up 1.75% to $124.11 as the company prepares to announce plans this fall to increase production of its single-aisle 737 jet.
Read More: August 14 Premarket Briefing: 10 Things You Should Know
--By Andrea Tse in New York
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts