Updated from 3:52 p.m. EDT
Financials and oil futures and stocks helped the major indices add to the week's gains Thursday, as not-so-great retail data was offset by news from other sectors and in-line jobless claims.
Dow Jones Industrial Average
gained 74.88 points, or 0.9%, to 8750.16, while the
moved up 10.70 points, or 1.1%, to 942.46. The
tacked on 24.10 points, or 1.3%, to 1850.02.
Securities and Exchange Commission
, in its investigation in the wake of the housing and financial crises, has formerly charged Angelo Mozilo, former CEO of Countrywide Financial, with civil fraud and insider trading.
Prior to that late-afternoon development, investors had plenty of news and data to peruse, starting with jobless claims. The Department of Labor said weekly initial jobless claims were 621,000 last week, compared to a revised 625,000 the week prior. Expectations were for 620,000 claims. Investors are awaiting unemployment data for the month of May due to be released by the government Friday.
Consumer discretionary and health care stocks were weaker throughout the day, but other sectors picked up where they left off after a midweek drawback. Industrials and financials led the Dow, with
Bank of America
showing the biggest advances.
Integrated oil stocks were also on the rebound after a midweek pullback as crude oil was again on the rise, adding $2.69 to $68.81 a barrel.
tacked on 3%;
advanced 3.5%; and
At the same time, longer-dated Treasury yields rose sharply; the 10-year declined 1-9/32, yielding 3.70%, and the 30-year fell 2-2/32, to yield 4.58%. The dollar was weaker vs. the yen, but stronger against the pound and euro.
"I do feel that the markets appear to be on far more stable ground today than they were two months ago," says Kenneth Roberts, a principal for Harbor Lights Financial. "Investor sentiment, consumer sentiment, and overall confidence has gone up dramatically with the recent spike, and I think the stimulus is starting to prove to be working and beneficial."
Although, notes Roberts, the recovery is shaping up to look more like a "step-up" formation than a "V" formation. Thus the markets may be relatively flat for a while before taking the next step up, he says.
The markets weathered some
from the retail sector early Thursday.
in May fell 7%, a bit more than expectations for a 6.4% drop.
said its same-store sales fell 6.1%, while analysts had predicted only a 4.3% decline.
also saw sales fall more than expected.
, on the other hand, saw same-store sales rise 19% in May, well above Wall Street's view of 10.7%.
will not report May sales, but did have something to say. The company is doing its part to help stymie jobless numbers. The retailer
about 22,000 people as it opens or expands 150 stores this year.
In other news,
plans to order up to
and has asked Boeing and
to propose bids for the jets,
The Wall Street Journal
In the tech sector,
said it will pick up
Wind River Systems
worth $884 million, as it seeks a share of the wireless device market. Wind River Systems surged 44%, or $3.51, on the news.
Shares of network gearmaker
were resilient, rising 3.8%, after the
a greater than expected loss in the recent quarter.
, which fell 18% Wednesday with a worse than anticipated outlook, were also catching a break. The company repriced its public offering of 40 million shares to $18, well below the initial estimate, but shares were up about 1.9% nonetheless.
shares were off by about 5%. The
Wall Street Journal
reported that the miner
a proposed $19.5 billion investment by
Aluminum Corp. of China
in the company, while
reported that Chinalco
from the deal.
Rio Tinto said it's
for "for maximizing shareholder value and improving the group's capital structure," according to a separate
Stocks overseas were mixed. In Europe, London's FTSE 100 rose 0.1%, while Frankfurt's Dax ticked up 0.2%. In Asia, Japan's Nikkei and Hong Kong's Hang Seng gave up 0.8% and 0.4%, respectively.
In Europe, the Bank of England said it would hold benchmark interest rates steady.