NEW YORK (
) -- U.S. stocks accelerated gains late on Thursday as
surged on much better-than-expected earnings and data on durable goods orders suggested that the U.S. recovery may be gaining strength.
added 0.3% to 1,690.25 while the
Dow Jones Industrial Average
rose 0.1 to 15,555.61. The
zipped past the other indices on a 0.7% rise to 3,605.19 as Facebook
estimates on Wednesday, led by strength in mobile revenue.
Facebook posted its highest price since May 21, 2012, its second day of trading, as the Menlo Park, Calif.-based social network earned 19 cents a share on $1.813 billion in revenue for the quarter. Analysts were looking for 14 cents a share on $1.62 billion in revenue for the quarter. Facebook's mobile advertising revenue accounted for 41% of advertising revenue during the quarter ended June 30. Total advertising revenue was $1.6 billion, 88% of total revenue, and up 61% year-over-year.
was leading S&P 500 decliners, tumbling 10% to $16.55 after the homebuilder missed quarterly earnings expectations and posted a 14% decline in net-income. Nationally, the PulteGroup said the U.S. housing market continues to gain momentum and remains "solidly on track towards a sustained, long-term recovery."
D. R. Horton
followed PulteGroup as the second worst decliner on the
, as the homebuilder's shares dropped 8.6% to $19.38 after it reported lower-than-anticipated home orders on pressure from rising mortgage rates.
surged to the top of
gainers on Thursday as shares popped 26% to $53.77 after the energy company said its board has authorized management to pursue a plan to separate the company's natural gas distribution business into a standalone publicly traded company.
was the second largest percentage gainer in the
, jumping 16% to $71.10 after the hotel-reviews site booked second-quarter earnings surpassed expectations on higher advertising clicks.
Signs of a strengthening U.S. economy could be found in a report that showed durable goods orders rose by a greater-than-expected 4.2% in June, after increasing by an upwardly revised 5.2% in May, according to the Census Bureau. Economists were forecasting a 1.3% rise.
Meanwhile initial jobless claims increased by 7,000 to a higher than expected 343,000 in the week ended July 20, the Labor Department reported Thursday. Economists on average were expected a gain to 340,000. However, the four-week moving average, which irons out week-to-week volatility, decreased 1,250 to 345,250.
The benchmark 10-year Treasury was rising 4/32, diluting the yield to 2.577%.
Written by Andrea Tse and Joe Deaux in New York
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