Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average ended higher Thursday even as reports of attacks on two oil tankers sent oil prices soaring.
- Lululemon Athletica (LULU - Get Report) jumped after topping first-quarter earnings and sales forecasts and lifting its fiscal-year outlook. Lululemon Athletica is Real Money's Stock of the Day.
- Tyson Foods (TSN - Get Report) shares heated up after the meat and poultry producer said it was set to release its first set of plant-based protein meat-like products.
Wall Street Overview
Stocks came on strong late in the session and ended higher Thursday as oil prices climbed following reports of attacks on oil tankers in the Gulf of Oman.
The Dow Jones Industrial Average climbed 102 points, or 0.39%, to 26,107, the S&P 500 rose 0.41%, and the Nasdaq advanced 0.57%.
Secretary of State Mike Pompeo on Thursday afternoon directly blamed Iran for the attacks on the Kokuka Courageous and the Front Altair. Pompeo did not present any evidence to back up the assessment of Iran's involvement.
"Iran is lashing out because the regime wants our successful maximum pressure campaign lifted," Pompeo said. "No economic sanctions entitle the Islamic Republic to attack innocent civilians, disrupt global oil markets and engage in nuclear blackmail."
The Japanese owner of the Kokuka Courageous told CNN the 27,000-ton tanker had been attacked "by some sort of shell" off Fujairah, a port in the United Arab Emirates. The ship suffered damage to its starboard hull. A second tanker, the Front Altair, suffered a fire following an explosion while sailing in the Gulf of Oman, CNN reported. Washington accused Tehran of being behind a similar attack on four tankers in the same area last month.
Alibaba Group (BABA - Get Report) rose slightly to $160.33 following multiple media reports that the online retailing giant has filed for a Hong Kong listing that could be worth as much as $20 billion.
In economic news, initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 222,000 for the week ended June 8, the Labor Department said. Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled had forecast claims decreasing to 216,000 in the latest week.
"The jobless claims report came in at 222,000 which was slightly higher than the 216,000 that economists were expecting, and the previous reading of 218,000, was revised higher to 219,000," David Madden, a market analyst at CMC Markets UK. "The announcement didn't cause much of a stir given that the labor market is so strong. Monthly import and exports prices dropped by 0.3% and 0.2% respectively.
Madden said the slip in prices could be a sign that demand at home and abroad is falling.
"In light of all the talk about the (Federal Reserve) potentially cutting rates later this year," he said, "even slightly negative economic reports could be viewed as a sign the US central bank is more likely to loosen monetary policy."